What Uber and Bitcoin Have in Common

Designed Model vs. Customer Experience Products and services never wind up functioning exactly as they were planned. Every person and business has experienced many changes over the past year, and these changes have also impacted the financial industry. Society is built on the foundation of trust and civil relations (both individuals and corporations), but everything changes once participants have malicious intentions. These bad actors are the cause of sponsoring weapons, drugs, corruption, and venal practices. This is why regulations relating to AML (anti-money laundering) and KYC (know your customer) procedures are so critical in maintaining the integrity of society. Bank Role KYC is designed to be part of the identification process. While KYC processes help identify a particular person, doest not prevent malicious actions from taking place for the people who are accepted. This is why procedures also need to be aimed towards monitoring and preventing specific types of activity as well. Embily is always asking how can we best design these systems while not over-reaching into information that financial institutions should not have access to? Every year AML restrictions are becoming more and more stringent. Banks are willing to restrict money flow unless there is a clear explanation of the source and purpose of funds. While this is critical in preventing funds from an illicit activity from being accepted by the bank, it also req...