Revolutionizing Know-Your-Customer Data Management
Blog post from Basis Theory
A 16-page white paper examines Know Your Customer requirements and the responsibilities businesses face when collecting, storing, and processing customer identity data. It covers federal KYC rules, state gaming and privacy obligations, regulations affecting virtual currency exchanges and other money services businesses, and state-by-state breach-notification requirements involving Social Security numbers or government-issued IDs. The paper emphasizes that noncompliance can carry significant consequences and describes the challenges of managing sensitive KYC data across differing regulatory environments. It also presents Basis Theory’s KYC Data Engine as a platform designed to establish a secure data vault quickly while enabling compliant KYC data use for functions including credit decisions, identity verification, customer support, audits, examinations, and testing.
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