Enhancing Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance Using Blockchain: A Business Analysis Approach

• Author(s): Alliy Adewale Bello ; David Amoah Oduro ; Emmanuel Opoku Manu ; Adepeju Deborah Bello; Adeniji Omotayo Leo ; Chioma Emmanuela Ukatu; Nonso Okika
• Paper ID: 1707440
• Page: 297-305
• Published Date: 11-03-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 9 March-2025

Abstract

This study explored the potential of blockchain technology in improving Know Your Customer (KYC) and Anti-Money Laundering (AML) processes within the financial sector. The study aims to conduct an investigation of the current state of existing literature surrounding the use of blockchain in KYC/AML, as well as the emerging trends in the space, it further aims to clarify the barriers to adoption, and that includes barriers such as regulatory concerns and technical challenges. An organized method that contains thorough literature reviews, well-defined inclusion and exclusion criteria, thematic analysis is used to examine the effectiveness and strategic implications of blockchain technology. Specifically analyzed topics include the improvements as concerns identity verification, advanced fraud detection functionalities and the integration of the blockchain technology within regulatory aspects. This research helps significantly not only in the academic domain but is also very useful for the financial institutions and regulatory bodies striving to utilize blockchain for a more efficient and secure compliance environment..

Keywords

Anti-Money Laundering (AML), Blockchain, Business Analysis, Compliance, Know Your Customer (KYC).

Citations

IRE Journals:
Alliy Adewale Bello , David Amoah Oduro , Emmanuel Opoku Manu , Adepeju Deborah Bello; Adeniji Omotayo Leo , Chioma Emmanuela Ukatu; Nonso Okika "Enhancing Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance Using Blockchain: A Business Analysis Approach" Iconic Research And Engineering Journals Volume 8 Issue 9 2025 Page 297-305

IEEE:
Alliy Adewale Bello , David Amoah Oduro , Emmanuel Opoku Manu , Adepeju Deborah Bello; Adeniji Omotayo Leo , Chioma Emmanuela Ukatu; Nonso Okika "Enhancing Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance Using Blockchain: A Business Analysis Approach" Iconic Research And Engineering Journals, 8(9)