Uncovering KYC Compliance Trends for 2023 #2

We have shared in our previous blog, in 2023, the fight against financial crime continues to change, and Know Your Customer (KYC) solutions, commonly linked to FinTech, have the potential to transform customer interactions in all industries. We have explained how KYC will be linked to EGC so we would like to share with you two more trends for 2023.

Opaque Ownership

There are more opaque control arrangements and less information on who the real owners are, which is a negative development that is likely to continue. This lack of openness makes it hard for KYC workers who want to find out everything they can about a company or person. This will continue to be a big problem for KYC efforts until countries make public records that are required to list information about who owns a company. 

Public records let beneficial ownership data be defined and made easier to find, which makes it easier for KYC workers to do due diligence. This will help fight against scams like money laundering, tax cheating, and terrorist funding. Even though this answer may take some time to work out, it is a crucial step towards more openness and responsibility in all fields.

Crypto Adoption 

Crypto monitorisation is growing as it rises in the financial sector.  Indonesia has the highest cryptocurrency adoption rate in APAC at 41% in 2022. Malaysia contemplates legalizing Bitcoin as currency, as its legal system is generally flexible. The Vietnamese government is studying measures to regulate digital assets. 

The Philippines has allowed virtual asset service providers (VASPs) to apply for a license to classify crypto payments as foreign deals. Cryptocurrencies are banned in Thailand, but trading cryptocurrencies as assets and using them in enterprises is permissible under specific circumstances. In Hong Kong, only professional investors may invest in cryptocurrencies. There are signs that the Securities and Futures Commission may provide more detailed licensing requirements for foreign VASPs.


In terms of ownership transparency, the trend of more opaque control arrangements and limited information on real owners is expected to continue and in the financial sector, the monitoring of cryptocurrencies is growing.

TRUSTDOCK eKYC provides businesses with that help your business with its off-the-shelf convenient eKYC solutions that will support your businesses become more transparent! Unravel the benefits and much more for your business with KYC by talking to a KYC expert from TRUSTDOCK today.

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