Compliance solution providers
Dow Jones Risk & Compliance and
EastNets have completed a blockchain Proof of Concept (PoC) for Anti Money Laundering (AML). The AML process involves filtering identities through watch lists. As blockchains are essentially lists, the test provided near real-time updates of watch lists using blockchain.
According to EastNets the PoC achieved higher levels of accuracy and security in the watch list update activity, and hence in the screening process. The PoC involved a leading UK-based financial institution.
EastNets has an en.SafeWatch Filtering product that allows institutions to check all transactions, messages, and customers against various watch lists. In turn, Dow Jones provides watch lists and for this project provided a higher frequency feed. The feed was published on the EastNet’s blockchain network so the lists used by financial institutions could be updated in near real-time.
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