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E know your transaction (e-kyt) solution for financial crime compliance


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Blockchain and distributed ledger technological (DLT) solutions provide an immutable digital platform with a variety of uses from user identification and infrastructure protection in cyber security to streamlining of processes with smart contracts to utilizing the immutable nature of blockchain to maintain a log of transactions.

Leveraging on DLT and Anti-Money Laundering (AML) technologies, the e-KYT solution enables a secure and auditable exchange of information. The embedded intuitive user interface improves workflow efficiency through simplifying and streamlining the transaction process, including the eradication of discrepancies in paper-based documentation. The solution utilizes tokens to track and manage transaction information, reducing the cost of labor and the cost of investigating for human errors and fraud.

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E know your transaction (e-kyt) solution for financial crime compliance

  1. 1. e-know your transaction (e-KYT) solution for financial crime compliance Case study Context: A global bank facing issues with financial crime compliance was seeking a solution for automating, simplifying and hastening its data governance process and data protection. Solution configuration: • Append-only database, allowing the storage of payment attributes and related documents • Tokenization and indexation engine managing transaction documents and attributes • Auditing trail — digital stamp on events for internal auditors and regulators • Enabling integration with banks channels — web portals and mobile apps • Validating information to be sent when requesting restricted information • Payment screening system connector to automatically request and retrieve Client impact: • Automate and control processing of both sent and received requests for information of payments • Increase transparency of the purpose of transactions with controlled sharing of supporting documents and KYC information • Enable auditability of payment processing and compliance checks with immutability and irrefutability supported by distributed ledger technology Contact us Challenges faced by institutions Detection of financial crime and insufficient AML technology Long transaction processing time and tedious process Discrepancies in documentation because of paper-based documentation Varun Mittal EY Global Emerging Markets FinTech Leader Automated data sorting and analytics AI-enabled data governance Classify data and log the results in a distributed ledger Monitor and track data to provide meaningful insights Distributed public key infrastructure Lean application stack, which minimizes the IT cost required to scale Know your Transaction (KYT) Comply with data protection regulations Financial crime compliance Eradicating manual and repetitive work prone to human error Leading interfaces and technology capabilities Connect your operational databases to Serra via RESTful APIs. Implement configurable policies for information exchange. Track and manage transaction information with tokens — globally unique identifiers. Operational database Operational database PlatformPlatform Information Distributed ledger Distributed ledger Sending bank Sending bank Consensus Value   Website: Email: Sahil Gupta EY ASEAN FinTech Manager
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.