Opening a bank account once required a physical ID, now SSNs and other PPI have been prioritized. Some financial institutions have upgraded KYC with visual biometrics. Synthetic identities and deepfakes have proven efforts unfruitful. Future technologies like microchips or rapid DNA testing could not guarantee identity. Not all hope is lost. If we can admit shortcomings, dynamic strategies based on math can still identify money laundering and financial terrorism before they occur.
This presentation will discuss 1. The important of KYC onboarding. 2. The failure of the current KYC model in the United States. 3. Five steps to identifying money laundering and financial terrorism.