Traceto.io is a new way of KYC procedure

Over the last decade, misconduct of money has caused the finance and banking industry over 131 billion dollars, which has turned into a global finance crisis. Larger bank firms have been able to increase the cost of compliance, but smaller bank firms are not able to increase the cost because of lack of finances.

What is KYC?

KYC stands for “know your customer” and is a term that allows banks to get to know their clients to make sure that they are not involved in money laundering, terrorism financing, credit worthiness and product suitability.

What is traceto.io?

Traceto works with the term KYC to prevent criminals from coming into their system, by Facial Recognition, Optical Character Recognition, Video Recognition, Transaction Monitoring, Source of Funds, Ongoing due diligence, and Revalidation. By using all of these precautions, it's less likely that a criminal will be allowed access to a bank account.

Traceto io can also prevent product suitability and credit worthiness by Product Complexity, Customer Knowledge, Product Disclosure, Customer Separation, Credit Profile, Bankruptcy Search, Credit Rating, and Litigation Search.

Could KYC become a problem?

Some banks are weary of moving towards E-KYC (electronic- know your customer) for obvious reasons. Many KYC process is manual so it can take longer for a bank broker to evaluate an individual's file to get them started with the bank account. KYC analog cost a lot of money and time because of all the documentation connected to each individual.

Who are you? And who are you not?

With E-KYC it makes it difficult to see a person's true motives because the process is all online. Of course you can look someone up by their SSN, but when you are online how do you know they are giving you the right SSN. It's a lot easier to steal someone's identity now then two decades ago because once again we put all of our personal information online.

In conclusion we can say the KYC procedure by Traceto.io is a great idea because it can stop criminals coming into the financial sector.

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All additional information can be found at
Website: https://traceto.io
Telegram group: https://t.me/tracetoio
ANN thread: https://bitcointalk.org/index.php?topic=2911588.0
Bounty thread: https://bitcointalk.org/index.php?topic=3439768

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