KNOWMENOW

The current global infrastructure for identity (KYC, AML/FCT) checks is inefficient, repetitive and cumbersome. Ensuring compliance often means considerable delay, with significant costs for service providers and deep frustration for genuine would-be customers. The issue is especially challenging for global firms that have to meet diverse compliance regulations in the various jurisdictions they operate in, where, in extreme cases, it can delay verification by up to 30 to 50 days. As a result, ge... nuine clients experience frustration in securing the services they desire. All too often KYC & AML requirements also serve to reinforce social exclusion of citizens and hinder integration efforts by reducing, or effectively even blocking, access to basic services such as the ownership of a bank account. It is calculated that up to 165 million people in Europe, including 40 million within the EU, still lack access to formal financial services, while the high cost of verification of Personally Identifiable Information (PII) for new migrants is prohibitive. Many people are unable to receive benefits from the government digitally, including social security, basic health care, and even education. Lack of identification is particularly a hindrance to legal migration to other countries, and to receive remittances internationally through formal channels. KnowMeNow is committed to addressing these problems, harnessing the power of the blockchain to deliver more efficient, more secure and more reliable ways of verifying and sharing data. Our solution has the ability to greatly reduce current delays, costs, and duplication of effort, that may be caused by clients having to repeatedly produce information for verification purposes, every time a user attempts to secure services with new providers across many different sectors.More