Anti-Money Laundering (AML) and Know Your Customer (KYC) systems are confusing, difficult to manage and also mean that your new customers and investors are often swamped with processes and procedures that they must complete before they try to access your products. Ocular is the latest group to try and tackle this part of the industry head on in order to clean up the way AML and KYC system works, by introducing an intelligent biometric solution.
“Ocular is an Anti- Money Laundering (AML) compliance platform that provides instant verification of a customer`s background (KYC). The platform leverages cryptographic security mechanisms employed in distributed ledger technologies to ensure that data cannot be tampered with, while allowing users full control over how their data is stored and shared. The system is user-friendly for applicants while adhering to strict AML policy guidelines.”
AML and KYC procedures often need to be observed when investors are signing up to take part in ICO’s, or wish to sign up to a new exchange or trading platform. They are security checks designed to ensure the person is who they say they are and that the risk of laundered money entering circulation is reduced. In order to achieve this, Ocular takes the traditional background check to a whole new level:
“Ocular integrates traditional name and personal data background checks with state-of-the-art identity verification mechanisms such as facial and voice recognition. This safeguards against ID theft, false registrations, Sybil attacks and other attacks which compromise and circumvent compliance. Ocular uses advanced technologies such as artificial intelligence (AI) and machine learning. This Ocular to dynamically monitor and upgrade its capabilities and defenses in the face of an ever-changing landscape of cyber security.”
How does it work?
Ocular uses a 3-factor authentication system reinforced by blockchain technology, it’s a prime example of just how easy and how secure AML and KYC systems can be when you add a bit of innovation.
Users simply create an account with a personal ID and a passcode, then a background check is carried out via Ocular across a range of databases, including Interpol and the FBI. A secure confirmation is then sent via SMS to the users registered phone number, this is then used to submit details of a government issued ID in order to verify the users identity. Lastly, all details are encrypted and uploaded to the secure Ocular database, which can be used time and time again when AML and KYC confirmations need to take place.
Ocular is a very exciting concept and part of a growing trend designed to help make the most of ultra secure blockchain technology, check out the Ocular website to find out more about this exciting product - https://www.oculartech.io/