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Karen Wendel, CEO of IdenTrust examines the need for proper KYC, while acknowledging the unnecessary friction those regulations sometimes cause.
Nothing like self-actualizing the terminator! Very good interview.
There seem to be two themes - one about managing our digital identities as held by those organisations who have checked us out, and, the role out of spin off identities that get created as we create links between those organisations and overlay extras such
as the inanimate "fridges".
One point that was only touched on was the variety of ways in which regulators believe identity can be proven (and our lack of knowledge and therefore abilty to trust those systems). Mother's birth certificate is one extreme (I hope) of a spectrum, but serves
to prove an issue in my world of international payments. Can I trust the source of a payment, and will I be fined if "dodgy" money moves through my systems. If my US bank customer receives money from Argentina, should I even allow them to have it when the
regulations seem at odds with my regulators expectations. Conversely, the World Bank sees identity as a lower prioirity to facilitating remittances ro the developing world. PSPs in the UK have had to go to law to get Barclays to review its approach to not
allowing moeny to be sent to Somalia.
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