/biz/ - Business & Finance

>>54171105

For a financial Institution to legally take or use KYC:
these 4 attributes MUST be adhered to by law.


1) The software entity is subject to the SAME obligations for data retention, customer due diligence, that the financial institution they are working with is. This would be according to the laws of each jurisdictional sector. i.e. The software provider must be licensed and regulated by the same laws that the Financial institutions they are working with are beholden to.

2) Contract of data sharing

3) Risk of transaction and customer due diligence still must be done by accepting financial institution

4) Ongoing monitoring still must be done by accepting financial institution

SOFTWARE SUPPLIERS OF KYC CANNOT DO THE REQUIREMENTS ABOVE

Everest empowers users, organizations, and projects to utilize True Identity, eKYC, and a full suite of financial services including on/off-ramps for fiat/crypto backed 1:1 by our legal and programmable stablecoin voucher.

>>52254240
https://ore.network/wp-content/uploads/2021/09/ORE-Whitepaper-2.0.pdf
>Copyright © 2020 Open Rights Foundation. | 11
The ORE Protocol is an open-source set of standards that provides a unified
interface for managing identity, authentication, access control and financial
settlement for both traditional assets and crypto assets. ORE ID is a single
sign-on service based on the ORE Protocol that allows users to easily create
and access their accounts on ORE using email addresses or social media
profiles.
Sounds like another case of non-compliant, glorified credentials sharing to me.
>ORE ID uses social logins like Google or Facebook
yikes