Anne Rose, an Associate in Mishcon de Reya's Commercial team and co-lead of the Blockchain Group, has been quoted in an article on the use of blockchain as a fraud prevention measure within the financial services sector.
“Blockchain can lighten the load on companies to maintain compliance, including notable cost-saving associated with 'know-your-customer' onboarding, because they share one solution and data-processing standards, lowering the number of labour hours needed,” Anne said.
However, it will take time for companies and regulators across the world to harmonise their use of blockchain. Anne added: "Before regulated entities adopt blockchain technology widely for [anti-money laundering] there will have to be a lengthy process of pilots to explore the capabilities of this before it will be approved by regulated authorities."
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