‘Know Your Customer’ (KYC) services, spurred by European banking and insurance regulations, require companies to gather and check information on their clients in order to set up the necessary control processes to prevent money laundering or terrorist financing. As a result, the demand for externalized KYC services, including the certification of customers’ identity and residence, has been increasing steadily in recent years.
As part of this trend, on 13 May 2019, the Caisse des Dépôts et Consignation (‘CDC’), energy providers EDF and Engie, and La Poste, announced the formation of a joint venture, named Archipels, to provide an innovative blockchain-based solution for the certification of documents and information.
