Identity verification

Verification processes such as know your customer (KYC) and anti-money laundering (AML) can be a burden for organizations in industries like financial services, accounting, real estate, and legal services. These organizations must spend a significant amount on technology and resources to comply with the law and relevant regulations.

Using Midnight as a shared data protection platform, it’s possible to reimagine the way KYC and AML could be delivered. An individual or company could undergo full identity verification with a single entity or external verification service by traditional means. For all later identity verifications, the verifying organization can request particular assertions about the individual. With ZKPs, there is no need to disclose any information to the client of the service apart from the truth (or otherwise) of the assertion. For these clients, this might mean they could satisfy the requirements of AML and KYC regulations without needing to collect, hold, and safeguard personally identifying information under regulations like the General Data Protection Regulation (GDPR) of the European Union.