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Anti-money laundering (AML) and Know Your Customer (KYC) practices are security and identification procedures
used by the banking and finance industries. These practices, often rooted in local laws, are applicable to the cryptocurrency industry because it is often necessary to go through the traditional banking industry in order to onboard into crypto. However, the need to rely on trusted third parties to handle sensitive personal and financial information is contrary to many of the principles of Bitcoin and cryptocurrencies.

Interestingly anti-money laundering (AML) and Know Your Customer (KYC) practices have a strong potential for being adapted to the blockchain.

Currently, financial institutions must perform a labor intensive, multi-step process for each new customer. KYC costs could be reduced through cross-institution client verification. At the same time, this verification sharing could improve the effectiveness of monitoring and analysis.

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