Anti-Money Laundering Blockchain Technology

Abstract

A methodology for consumers and companies utilizing blockchain technology to automate the strict adherence to applicable Anti-Money Laundering (AML) regulations. The users of this software will input personal identification information through a series of questions and attestations that satisfy the “identification” component of relevant AML and Know Your Customer (KYC) regulations when utilizing a risk-based approach. In turn, the software will use the information provided and embed it into the blockchain technology associating it with the creation of public and private keys, thus associating any and all transactions to a user's Personal Identifiable Information (PII) preventing Money Laundering by unknown entities on the blockchain. Once the user finalizes his or her responses to these specified questions, the software will generate a complete documentation package on behalf of the consumer which satisfies the identification component of AML regulations and Financial Action Task Force recommendations. In addition, the documentation package can also act as an auditory trail to be provided to the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), the Office of Compliance Inspections and Examinations (OCIE), and other Self-Regulatory Organizations (SRO) and governmental agencies upon request. The result is a blockchain that is fully complaint with Section 354 of the USA PATRIOT Act.

Dependencies are inferred from the claim text.