Trustless "KYC/AML" tools on Internet Computer, is it possible?

Traditional KYC/AML (Know Your Customer/Anti-Money Laundering) relies on centralized authorities collecting and verifying user data. This raises concerns about:

  • Privacy & Security: Centralized entities hold vast amounts of sensitive data, vulnerable to breaches and misuse.
  • Trust: Users have limited control over their data and rely on authorities’ trustworthiness.
  • Access: Excluding individuals without access to traditional verification methods from financial services.
  • Transparency: Lack of clarity and potential bias in verification processes.

Trustless KYC/AML aims to:

  • Empower users: Give individuals control over their KYC data and verification process.
  • Enhance privacy: Minimize data collection and exposure with cryptographic techniques.
  • Increase accessibility: Enable broader participation in financial services.
  • Promote transparency: Establish clear and verifiable KYC/AML protocols.

Question:

  1. Is it possible to built feature like this on Internet Computer by leveraging current tech stack ?
  2. Does Dfinity already have this on their plan? Or is there any project in the ecosystem currently working on this?
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