Traditional Know Your Customer (KYC) processes are known for face-to-face interaction. However, things have changed with the pandemic striking the world at the end of 2019. It is finally acceptable to perform KYC through remote measures with the use of technologies, including biometrics, video conferencing, blockchain, OCR etc. The trend is also strengthened by the high penetration of mobile devices of users, which allows them to perform various tasks to satisfy KYC and anti-money laundering (AML) requirements remotely without visiting a branch.

As we know, there is already an abundance of software services and apps that has made this possible right now. The difficulty is that there is still a need to establish trust in order to remotely conclude deals, sign contracts, complete applications, and pay individuals. This requires a secure identity verification process which is accessible to the public. Indeed, the Financial Action Task Force (FATF), the key intergovernmental organization developing global policies for combating money laundering and terrorist financing, released a statement on 1 April 2020, addressing in part the “world facing confinement or strict social distancing measures” resulting from the COVID-19 pandemic.