When we talk about KYC, then it is a serious topic on which one should have enough information as the customer KYC is one of a very big part when we talk about any AML. Many people do not know what AML is, the AML easy anti-money laundering and KYC is a big part of it. When will look into financial crime and an individual who is involved in that financial crime it is very much important that the social security number also the birth date the name and the address of the individual should be determined. This all things are required, and KYC is one of the most important parts that help in the identification and detection.
Obviously, if we go with the decentralized system, then the practices of KYC can be more effective because right now it is happening that Institutions are offering the services but at the same time they are time-consuming and expensive, and also they are abundant practices for the new customers.
What about the decentralized exchange
When we talk about the decentralized exchange, then it is without borders, and it is a global service. Also, the decentralized exchange is available to any member of the internet and when we talk about it deeply then it also includes other silent features which come under the transparency and the speed. They are seriously running service with the help of which there is surety about the transitions which are validated.
As compared to the traditional systems the cost of transition is minimum and less, because these systems are not at all labor intensive as the traditional systems. If you talk on the additional terms and then the process of inspection improvisation and also reproduction is done because the codes and the like software also the transitions are open. So before getting into any of the KYC debate make sure you know all about the kyc automated solutions.