Home2018-11-21T16:17:28+00:00

The KYC and AML/CFT Challenge

We are witnessing an unprecedented increase in regulatory requirements around compliance, especially for Anti-Money Laundering (AML)/Combatting the Financing of Terrorism (CFT) and Know Your Customer (KYC) procedures.  The current time consuming and onerous KYC procedures in place are failing under these increasing regulatory demands, as consumers begin to become more and frustrated with the on-boarding experience.

  • Outdated, laborious and expensive KYC processes, lack of data availability for electronic checks, language barriers, and legal uncertainty are just some of the big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.
  • Customers are frustrated with the constant need to share the same personal data with multiple companies.
  • Potential security threats could impact a customer's decision on data transferring and storage facilities with respect to their KYC documentation.

Blockchain enabled KYC 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 various 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 merchant.
  • Total self-control over KYC data and ownership will result in greater sense of security and confidence when a customer is sharing their KYC with merchants.
  • 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 merchants.

Our Mission

We are not only frustrated by the outdated KYC procedures that merchants and consumers are following, but also by the increase in identity theft and lack of progress in protecting the public. KnowMeNow is motivated by four primary drivers:

  1. To be a primary agent in the fight against cybercrime
  2. To allow entities to trade more freely by lowering the risk of fraud and hugely damaging compliance breaches
  3. To thwart fraudsters and conmen who damage the lives of ordinary people
  4. To harness the power of blockchain to create a decentralised, secure and user-friendly KYC solution – revolutionising the way KYC procedures are run today.

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 merchants.

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
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Who is KnowMeNow for?

Companies

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 who want to undertake basic KYC procedures in order to combat fraud or risk profile their customers – this is particularly useful for the car rental and insurance sectors.

Governments who waste a staggering amount of taxpayers funds through identity fraud security.

Users

Customers who use online and offline regulated and unregulated services that are required to go through a laborious application procedure during on-boarding. Customers who are frustrated due to:

  • Onerous KYC requests when they want a service
  •  The same KYC requests from different merchants
  • Limited service offering until KYC is completed
  • Difficulty in international trading due to lack of trust
  • Sharing personal data through potentially fraudulent channels.

Why KnowMeNow will set new standards

Frictionless KYC

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.

Future proof 

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.

Regulatory compliant

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.

Consent driven

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 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.

DAMIAN MIFSUD
DAMIAN MIFSUDCO-FOUNDER & CEO
Damian has over 15 years of experience in compliance and payments for regulated financial businesses. His career spans some major financial institutions such as Barclays Merchant Services…
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GODWIN SCHEMBRI
GODWIN SCHEMBRICO-FOUNDER & CTO
Godwin has over 25 years experience in software development in the payments industry. With many years spent as CTO leading product innovation, solution architectures, cloud and mobile deployments …
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PHILIP BUGEJA
PHILIP BUGEJACRIMINOLOGIST
Our inhouse criminologist, Philip can smell a crime before it is committed and in addition, is a specialist in Anti Money Laundering and Terrorist Financing, He was involved within the financial crime unit …
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ALEX BUSTOS
ALEX BUSTOSCOMPLIANCE GURU
Alex is a lawyer with nearly 20 years experience in law, banking, risk and financial services. He has worked as a Head of Compliance, Risk, Legal and a Money Laundering Reporting Officer at a number…
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CLAYTON J. ZAMMMIT
CLAYTON J. ZAMMMITDIGITAL STRATEGIST
Clayton has over 12 years of experience in the software development, digital strategy and production space. During this time, he has worked for and collaborated with various organisations …
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REUBEN PORTANIER
REUBEN PORTANIER ADVISOR - GAMING
Reuben is the former CEO of the Malta Gaming Authority (MGA). With Reuben at the helm, the market regulated by the LGA grew by 34% between 2009 and 2013, whilst he introduced new methods of…
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WAYNE PISANI
WAYNE PISANIADVISOR
Wayne Pisani, is a Grant Thornton partner responsible for the corporate and financial services team in Malta where he deals with a wide range of asset protection structures and global cross-border trust…
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PATRICK TABONE
PATRICK TABONEADVISOR - EU INTEGRATION
Patrick Tabone was made Chief of Staff to the Maltese Minister of Foreign Affairs at the age of 26, and was a member of Malta's Core Negotiating Group during Malta's negotiations for accession to …
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EDWARD EVANS
EDWARD EVANSADVISOR
Edward has been working in the financial sector for over 28 years, initially for Smith & Williamson Chartered Accountants before joining HSBC Investment Management in London as …
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SRIRAM NATARAJAN
SRIRAM NATARAJANADVISOR
Sriram is a Cards/ Payments and Fintech specialist with over 27 years of experience spanning across various global markets. Sriram has managed portfolios across retail banking and cards in …
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STEVIE AQUILINA
STEVIE AQUILINAHEAD OF PROJECTS
Stevie joins the team from one of the big-four audit firms. In her previous role, Stevie focused on the firm's Payment Services offering across Advisory, Tax and Audit. Within the Payment Services space…
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