CBDC — How KYC & AML compliances can mitigate the risks

What is CBDC?

CBDC implementation by various governments

  • A 7 member working group from Canada, the UK, Sweden, Switzerland, Japan, and the EU are working together to explore the cross-border interoperability of their national CDBC projects.
  • The Central banks of Thailand, China, the U.A.E, and Hong Kong established a multi- CDBC initiative called mBridge to speed up cross-border foreign currency payments.
  • China has a two-tier distribution model where commercial banks will be involved as key intermediaries in its CDBC setup. Commercial banks act as the intermediate tier between the Central Bank and the retail participants.
  • India and Russia have been working on the pilot CBDC system.
  • Indonesia’s Central Bank has also said that they will launch their own CBDC in 2022 and are working on the same mechanics. It views this as a primary method to fight the spreading use of cryptocurrency among Indonesian citizens.

CBDC’s impact on banking and financial institutions

CBDC and AML/CFT risk

KYC — A Tool to mitigate risk.

How IDcentral helps an organization with AML & KYC Verifications

  • Document verification
  • Liveness Detection
  • AML/CFT Screening
  • Face Trace
  • Face Match
  • Government DB Check
  • Video KYC




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