Enabling Cross-Border Remittances with Real-Time KYC/AML Verification

In this chapter, we will be building a prototype cross-border blockchain retail remittance platform for banks. Cross-border remittances are a complex affair from a compliance and settlement point of view. Banks need to devise complex workflows to carry out compliance checks of the remitter and the beneficiary. The sending bank, receiving bank, and other partner banks need to agree on the compliance requirements of the sender and the receiver before remittance transactions can be executed or credited to the beneficiary. For carrying out a settlement, the sending and the receiving banks need to have an elaborate workflow where they have the visibility of incoming funds. Often, they might have to rely on partner banks—known as correspondence banks—to carry out the remittance process, which results...