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KYC Solution Outline
This document outlines a solution that bridges the KYC (Know Your Customer Process), requirements of the regulator & the anonymous nature of the public blockchain networks like Ethereum.
Incorporated organizations operate under the law of the land, and are regulated by the Government Agencies.
For example, in India, all companies must register with MCA, Ministry of Corporate Affairs and depending on the type of the incorporation must comply with Companies Act, 1956, 2013 or Limited Liability Partnership Act, 2008. Further compliances are needed for Income Tax, and for listed company SEBI (Securities and Exchange Board of India) is an additional requirement.
The Indian Banking Regulator RBI, Reserve Bank of India monitors all legal entities for complaince with Foreign Exchange Management Act, Prevention of Money Laundering Act, 2002
For financial sector non banking and micro finance companies, additional compliances are imposed.
Payments are regualted with Payment and Settlement Systems Act 2007