Revolutionizing Know-Your-Customer Data Management: Basis Theory’s KYC Data Engine

Basis Theory · July 12, 2023

Resources

We recently released a white paper detailing the many aspects of the “Know Your Customer” (KYC) program, and what it means for businesses that interact with customer data. The onus is on businesses to understand and comply with the intricate web of KYC laws and regulations. But the real challenge lies not only in the collection and storage of KYC data but also in the stringent regulatory requirements and potential repercussions of non-compliance.

Our white paper digs deep into the regulatory landscape surrounding KYC, unpacking federal and state-level requirements, as well as the specific obligations of certain sectors like casinos, online gaming, sports wagering, and virtual currency exchanges.

The guide also showcases how Basis Theory’s KYC Data Engine can also be a powerful ally in this journey. Not only in setting up a secure vault within days but in going beyond compliance, transforming the KYC data from a mere regulatory necessity to a rich resource that businesses can leverage for credit decisioning, identity verification, customer service, audits, exams, and testing.

The 16-page white paper includes the following topics:

Details of the relevant laws and regulations, including:
- Federal KYC Regulatory Inventory - Understand the detailed regulatory requirements different entities face related to KYC.
- State Gaming Requirements - In addition to federal requirements, casinos and online gaming, and sport wagering operators must comply with separate state requirements as outlined in this section.
- State Privacy Laws - Several states have enacted comprehensive consumer data privacy laws that protect KYC data.
- Virtual Currency Exchanges - Money services businesses, including virtual currency exchanges, are subject to KYC requirements and further regulated by most states as money transmitters.
- Overview of State Breach Notification Requirements for SSN - The detailed state-by-state breakdown of consumer notices required should a breach of SSN or government-issued ID occur.
Challenges of KYC Data Storage and Processing - Uncover the regulatory requirements behind KYC data collection and the costly consequences of non-compliance.
How Basis Theory KYC Data Engine Can Help - Learn how Basis Theory’s KYC Data solution can set up a secure vault for any business within days using Basis Theory’s flexible proprietary compliance engineering platform.
Not Just a Vault, but an Engine - Businesses shouldn’t stop at just storing KYC Data for compliance that are also able to use data for credit decisioning, identity verification, customer service, audits, exams, and testing.