The KYC and AML/CFT Challenge
We are witnessing an unprecedented increase in regulatory compliance, especially around Anti-Money Laundering (AML) and Know Your Customer (KYC). Current infrastructures for procedures are failing under increasing, industries-wide regulatory demand for customer identity verification.
- Outdated, laborious and expensive KYC processes, the lack of data availability for electronic checks, language barriers, and ambiguous and unclear interpretation of legal directives, are just some of the big problems facing businesses that are required to verify identities.
- This is resulting in increased customer attrition, reduced client on boarding and outright exclusion of the digitally unborn.
- Users are frustrated with the constant need to share the same personal data with multiple companies.
- They distrust security and fear the risk of identity theft from overexposure of their private information through insecure data transfer and storage facilities.
Blockchain-secured identity verification is the solution
KnowMeNow is building an autonomous framework that will allow customers to create, and own, their own identity profiles on their smartphones, whilst at the same time allowing regulated businesses to perform inexpensive, permission-based KYC reviews in a much faster, more reliable and compliant manner than ever before using the unique features of the blockchain technology.
- A complete and radical transformation of the on boarding journey for the customer and vendor.
- Total control over customer data access and ownership will result in greater sense of security and confidence in applying for KYC.
- More insight for verifiers through recorded and verified customer profile history will reduce risk and improve compliance.
- Higher volumes of transactions, with lesser risk of fraud, will result in increased revenues for vendors.
- Vendors will also have the opportunity to capture a percentage of the unbanked market share by finally giving them access to services from which they are currently excluded.
We are frustrated by the increase in identity theft and lack of progress in protecting the public. KnowMeNow is motivated by four primary drivers:
- To be a primary agent in the fight against cybercrime
- To allow entities to trade more freely by lowering the risk of fraud and hugely damaging compliance breaches
- To thwart fraudsters and conmen who damage the lives of ordinary people
- Harnessing the power of the blockchain technology to tackle the problem
How the KnowMeNow Framework Works
KnowMeNow are building a secure, blockchain-based wallet that customers will install on their smartphones to create and store their personal data. This includes identity documents, addresses, and any Personal Identifying Information (PII) that may be required under regulation to access a service.
The information can be independently verified by trusted third parties, such as identity service providers, brick & mortar regulated agencies, governments and trusted professionals, such as lawyers. The verified data is digitally signed and stamped by the trusted third party and a hash is stored on the blockchain. Customers who apply for services requiring verification of their identity can now securely share their trusted and verified identities with vendors.
Customers now gain back full control of their PII, as it is stored on their smartphone and shared only with their permission. Customers now determine who gets to see the data, which personal data from their wallet is shared and who can verify it.
- An autonomous framework that is trusted by all since it is not owned by anyone
- Designed to be open for adoption by different jurisdictions, industries and regulations
- An identity technology accepted everywhere as it is agnostic to specific regulations
Who is KnowMeNow for?
Regulated businesses in every sector such as finance, insurance, gaming, both online and offline, that need to meet KYC/AML compliance for their clients.
Unregulated businesses and social media, who want to know their customers to combat fraud, assist in risk profiling to offer risk based pricing. This is true, for example, for the car rental and insurance sector.
Governments at a national and international level who waste a staggering amount of taxpayers funds through identity fraud and manipulation.
Act as a passport for social inclusion, removing the barriers that keep many people, such as 'the unbanked', or new immigrants, from participating in many sectors of the economy.
Customers who who use online and offline regulated and unregulated services required to go through a laborious application procedure during onboarding. Customers who are frustrated by:
- Pain of going through KYC when they want a service
- Frustration of going through same KYC service time and time again
- Frustration at not getting full service until a known customer
- Difficulty in international trading due to lack of trust
- Fear of sharing personal data
Why KnowMeNow will set new standards
KnowMeNow will have all the data ready, updated and compliant, allowing instantaneous on-boarding without ever needing any external or internal verification.
Sharing of data
With user consent, the data collected and verified, is shared and re-used.
Parameter driven architecture, allowing for the KYC level to be flexible, instantly re-aligning to changing regulatory requirements, client risk profiles, jurisdiction requirements, amongst others.
The KnowMeNow ID will be compliant with regulations in all jurisdictions, including AML4 and GDPR. As specific regulations change, and new ID elements are required, only the new elements needed will be collected.
Community based monitoring
To fulfil regulatory monitoring obligations, clients will be monitored against global sanctions and PEP lists on a daily basis by the ecosystem participants.
Know Your Business
One of the first blockchain applications to extend the KYC offering to include Know Your Business regulatory compliant checks.
Data is never shared, used, or re-used, without the full consent of the user. This is a core principle of KnowMeNow.
Access to ALL Leading KYC IDVs
KnowMeNow clients get exclusive access to every trusted, approved and verified IDV provider within its ecosystem.
The KnowMeNow Ecosystem
The currency in our ecosystem is our own cryptocurrency called KME. It will be the only currency accepted for KnowMeNow transactions in our ecosystem.
Users will be incentivised with KME payouts every time they share their profiles with verifiers, which will create a constant supply of KMEs in our ecosystem. When companies want to buy KnowMeNow services in our ecosystem they will need KMEs for the transactions.
Companies can buy KMEs from exchanges, or individuals, in the same way they do with any other cryptocurrency, and as large businesses start to adopt our services the demand for KMEs will increase. Users holding KMEs will have an option to sell their coins to these entities through exchanges.
We will fix the price per transaction for KnowMeNow services to a Euro equivalent so when the value of KMEs rise the amount of KMEs needed to transact will go down. We control the pricing model for transactions within our ecosystem so as the value of KMEs rises we can lower the price per transaction for our services. This way the speculation of the coin will never impact the cost of our service.
Plus, as with established benchmarks, the value proposition of KMEs will naturally enhance by having a finite amount of KMEs in issue.
KnowMeNow Token Details
|Price||1 KME = €0.10|
|Minimum contribution||No minimum applies after the presale has ended|
|Recommended Minimum Purchase per Person||10,000 KMEs (€1,000)|
|Maximum contribution and supply of tokens||Maximum number of tokens available is 800,000,000 (800 million KME Tokens)|
|Hard Cap||€30,000,000 (all unsold tokens will be retained by the Company)|
|Accepted Cryptocurrencies||Ethereum (ETH), Bitcoin (BTC) and BitcoinCash (BCC), ETH Classic (ETC), Ripple (XRP), Litecoin (LTC), Waves (WAVES)|
|Accepted FIAT Currencies||Euro|
|Exchanges||We will endeavor to procure the listing on reputable exchanges as soon as possible after the issuance of tokens.|
Token Sale – Use of ICO funds:
KMEs Distribution Structure
|Description||KME Vol Token||%||Euros equivalent|
|Total Supply||1 Billion||100||100 Million|
|Seed Investors||10 Million||1||1 Million|
|Pre-Sales||20 Million||2||2 Million|
|Crowd Sales||280 Million||28||28 Million|
|Ecosystem Incentives||200 Million||20||20 Million|
|Team & Advisors||100 Million||10||10 Million|
|Bounty and Bonus||100 Million||10||10 Million|
|Reserved by KnowMeNow||200 Million||29||29 Million|
A quick overview of our business milestones.
The Core Team
JitKYC founders, Damian Mifsud and Godwin Schembri, bring both knowledge and proven experience within the Identity Verification and technology industries. They are experts in compliance issues and regulations within multiple industries and jurisdictions.
The JitKYC founding team has been carefully assembled to compliment each member's value to the project. Whilst we are all from diverse backgrounds, with comparable skill sets, experiences and connections in our chosen fields, we all share one common belief. We believe that blockchain technology can be used as a force for good. And we believe JitKYC is one such project whose time has come.
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KnowMeNow's highly experienced team is committed to providing an innovative KYC solution that is set to disrupt the current state of regulated businesses. Register your interest in funding this project, at this early stage, and taking advantage of our early-adopter incentives.
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