A SPICE TO KYC PROCESSES

Over the years, the strategies and tactics used to combat market misconducts, Anti-money laundering (AML) and Countering terrorism financing (CTF) has led to great losses of about USD 321 billion in the banking and finance sector from the time of the global financial crisis. Larger firms are able to comply with the rising cost will the smaller financial institutions struggle to meet up with the CTF and AML regulations. Regulators also struggle to meet up with the progressive nature of technology and how they are been used to promote unlawful activities. With this, many regulators have determined not to adopt these technology which has led to the introduction of Know Your Customer (KYC) processes.

KYC processes help to identify and verify the identity of clients mostly used in banks and financial institutions. In this case, guards against AML and CTF violations and has been widely adopted even among companies relating to cryptocurrency.

Why traceto.io?
Traceto.io offers an additional KYC protection by blending in smart contracts and Artificial Intelligence (AI) together making it beneficial to the cryptocurrency market.

What are the problems with the existing KYC processes?

E-KYC, since marketing on cryptocurrency is not a face-to-face ordeal, many participants and financial institutions have been resistant in carrying out E-KYC, so they try to be extremely careful instead of trusting the system.
Manual, there are lots of forms to fill in the manual procedure, this causes customers who find KYC processes too hard to lose revenue. Manual KYC verification is usually inefficient.
Analog, these KYC processes are usually stored in physical documents like it is done in banks and other financial institutions. This incur extra costs and documents may sometimes be destroyed when poorly organized.

All theses inefficiencies in the KYC processes can be overcome with the use of blockchain technology. So with traceto.io, all these problems in the KYC processes are narrowed down to four basic questions for how a customer should be identified;

Who are you? Making use of identity cards, passports, driver's license all issued by the government to save the strength of filling multiple forms.

What are you not?

Are you still who you say you are?

What did you do?

Some key features in the traceto.io

User decentralized Application (DApp), the user's main connection to the traceto.io network.

Service provider decentralized application, for a service provider to check for incoming information, call and award scores to the contract.

Corporate requestor DApp, pays for KYC users request and renews them once expired.

Community, this DApp allows a verified user carry out verification process for new users and how to become a verifier.

Artificial Intelligence and the community work hand in hand to gain control over the entire platform. Bank in on traceto.io because with the backing of blockchain technology, there is security for funds and customers, also KYC processes cannot go wrong.

TOKEN DETAILS
Token Name: Trace Token (T2T)
Token Type: Utility
Platform: Ethereum (ETH)
Hard Cap: $30,000,000
Token Price: 1 T2T = 0.0000750 ETH