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Proposal for Customer Identification Service Model Based on Distributed Ledger Technology to Transfer Virtual Assetsopen access
- Authors
- Park, Keundug; Youm, Heung-Youl
- Issue Date
- Sep-2021
- Publisher
- MDPI AG
- Keywords
- blockchain; distributed ledger technology; cryptocurrency; virtual asset; customer identification; customer due diligence; travel rule
- Citation
- Big Data and Cognitive Computing, v.5, no.3, pp 1 - 19
- Pages
- 19
- Journal Title
- Big Data and Cognitive Computing
- Volume
- 5
- Number
- 3
- Start Page
- 1
- End Page
- 19
- ISSN
- 2504-2289
- Abstract
- Recently, cross-border transfers using blockchain-based virtual assets (cryptocurrency) have been increasing. However, due to the anonymity of blockchain, there is a problem related to money laundering because the virtual asset service providers cannot identify the originators and the beneficiaries. In addition, the international anti-money-laundering organization (the Financial Action Task Force, FATF) has placed anti-money-laundering obligations on virtual asset service providers through anti-money-laundering guidance for virtual assets issued in June 2019. This paper proposes a customer identification service model based on distributed ledger technology (DLT) that enables virtual asset service providers to verify the identity of the originators and beneficiaries.
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Related Researcher
- Youm, Heung youl
- College of Software Convergence (Department of Information Security Engineering)