Financial Crime World

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Mauritius Banks and FIs Embrace Blockchain Technology for Secure KYC Registry

In a move to enhance customer data management and compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, banks and financial institutions in Mauritius are now leveraging blockchain technology for their Know-Your-Customer (KYC) registry.

A Secure Solution for KYC Registry

The C-KYC Registry, powered by blockchain, is designed to provide a secure, scalable, and cost-effective solution for exchanging customer information among participating financial institutions. With the ability to process millions of user requests daily, the system ensures high performance and security through digital signatures and encryption.

Key Features of the Blockchain-Based Solution

  • Real-time search and download of client KYC information
  • Elimination of risk of forged documents and paper verification processes
  • Quick and accurate results, promoting a paperless environment and reducing administrative burdens
  • Integrated APIs for requesting searches or downloads of client KYC data
  • Automated bulk uploads of KYC details from financial institutions’ data repositories

Industry Expert Insights

Industry experts believe that this initiative will not only enhance Mauritius’ reputation as a financial hub but also demonstrate its commitment to adopting innovative technology solutions for AML/CFT and KYC compliance.

“PwC is proud to have contributed to the development of this groundbreaking solution,” said Vikas Sharma, Partner at PwC. “Our team has worked closely with financial institutions to design a solution that meets their needs and ensures the highest level of security and efficiency.”

Future Impact

The C-KYC Registry is expected to revolutionize the way financial institutions manage customer data in Mauritius, setting a new standard for AML/CFT compliance and KYC management.

Contact Information

  • Vikas Sharma: Partner, Advisory Consulting
  • Anish Chandra: Associate Director, Advisory Consulting - Financial Services
  • Sharjeel Muhammed: Manager, Advisory Consulting - Financial Services