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- Outdated, laborious and expensive KYC processes, lack of data availability for electronic checks, language barriers, and legal uncertainty are just some of the big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.
We are not only frustrated by the outdated KYC procedures that merchants and consumers are following, but also by the increase in identity theft and lack of progress in protecting the public.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:
- 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
- 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
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 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.
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
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 JYK. It will be the only currency accepted for KnowMeNow transactions in our ecosystem.
Users will be incentivised with JYK payouts every time they share their KYC documents with merchants. The JYKs can then be converted, on our platform, to FIAT currency – if and when required by the User.
When merchants want to sign up to the KnowMeNow KYC Solution, they will need to purchase JYKs in order to pay for the services within our ecosystem. JYKs can only be purchased through or own ecosystem and will not be available on any exchange.
KnowMeNow Investor Token Details
KnowMeNow will also be issuing innovative investor tokens (KMEs). These will provide a return to investors based on gross adjusted revenue, and can also be sold on cryptocurrency exchanges once listed.
|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 550,000,000 (550 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)|
|Accepted FIAT Currencies||Euro|
|Exchanges||We will endeavour 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||550 Million||100||55 Million|
|Seed Investors||10 Million||2||1 Million|
|Pre-Sales||20 Million||4||2 Million|
|Crowd Sales||280 Million||51||28 Million|
|Early Investor Bonus*||55 Million||10||5.5 Million|
|Team & Advisors**||55 Million||10||5.5 Million|
|Bounty and Bonus||100 Million||18||10 Million|
|Reserved by KnowMeNow||30 Million||5||3 Million|
*Locked in for 6 months from token generation event.
**Locked in for 12 months for team – 18 months' advisors – from token generation event.
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.
There is a unique, incentivised opportunity for to use our latest technology to help share and shape the user experience of KnowMeNow. Interested?
Want to join our team?
Check out our vacancy section to see our current open positions.
KnowMeNow Co-Founder and CTO Godwin Schembri attended this event whereby he gave a 45 minutes presentation on harnessing Blockchain [...]
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