Sandra Särav, the Deputy Secretary General of the Ministry of Economic Affairs and Communications, unveiled a key innovation for the Estonian financial sector - the prototype of the Know Your Customer (KYC) data exchange service.
The KYC tool allows a one-time creation of a KYC profile, initially for natural persons and in the future for legal entities as well. The solution helps to perform complex queries from different databases in real time and certify the data with timestamps.
For starters, the data comes from national registries and databases, while there will be opportunities to interface with third-party information sources in the future. The service allows a person to retrieve their KYC profile in both PDF and machine-readable formats.
The new service facilitates the work of banks, notaries, auditors, accountants, law offices, real estate offices, and many other entities involved in preventing money laundering. In Estonia, the solution can affect approximately 10,000 companies obliged to perform compliance checks.
Watch Sandra Särav’s keynote presentation as she opens the Tallinn SCF Summit 2023 (times: 22:20 to 36:15).