-
Blockchain technology can help banks beat money-laundering, Hong Kong regulator says
Distributed ledger technology such as blockchain, which stores transaction records across a network, preventing duplication and reducing the risk of fraud, has potential to ensure banks comply with anti-money laundering and know your customer regulations, according to a senior official at Hong Kong’s market regulator. Benedicte Nolens, the head of risk and strategy for the Hong Kong Securities and Futures Commission, said the technology could be applied to financial institutions in areas where there are clear problems to solve. “I do think quite obviously KYC and AML stands out there as a pretty significant ... (full story)