R3’s Newest Regulator Looks to DLT For KYC Testing

“We realized that we needed to test it ourselves.”

When reading up on blockchain tech and attending conferences proved insufficient, Quebec’s financial regulator, Autorité des marchés financiers (AMF), decided to take the next step in its quest to better understand distributed ledgers.

To that end, the AMF announced last week that it had joined the R3 blockchain consortium and created a fintech lab to advance its response to new technologies.

The AMF describes the newly established lab as a think tank that will improve its understanding of emerging technologies like the blockchain, both for internal use and for the review of regulations.

As part of the deal, the regulator signed up with the R3 consortium, a group of more than 80 financial institutions developing blockchain applications for the finance sector, and that is increasingly eyeing work with regulators.

For now, it will explore how AMF can improve its ability to carry out its mandate and how blockchain uses cases, like KYC (‘know your customer’) processes, can be executed, according to Lise-Estelle Brault, senior director derivatives oversight at the AMF.

Brault told CoinDesk:

“We need to build internal knowledge to have a critical eye and really understand these different use cases.”

Despite recent exits

Read more ... source: CoinDesk

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