PrimaBlock, a blockchain platform for Ethereum crowdfunding revealed today that it uses a third-party API for its internal Know your custome (KYC) process provided by its partner KYC3, a compliance and due diligence company trusted by Europeans banks such as BNP Paribas and Banque de Luxembourg.
The API provides PrimaBlock up to date international sanction lists including CIA, Interpol, and Politically Exposed Persons, as well as Machine learning based risk assessment and ID verification. PrimaBlock wanted to note that per EU regulations, it is the KYC provider and that this information is used to inform the compliance officer at PrimaBlock during the manual review of each application.
The PrimaBlock team said: “Although Machine Learning techniques have improved over the years, they are not perfect and in multiple cases, the manual review is necessary to catch counterfeit passports and other fraudulent applications.”
