Personal Data WDIA Meetup 2019 in Geneva marks noticeable progress in KYC community development, strong potential in the sector
December 20, 2019 — Geneva
On December 18, the Worldwide Digital Identification Association (WDIA) held an event that brought together professionals from different sectors to discuss KYC/AML and compliance technologies and huge potential changes in the sector.
The meeting was chaired by Association President Yury Myshinskiy who opened it by stating that the industry of personal data collection and processing significantly lags in terms of its flexibility and technological progress. “People can travel at a speed of over 1,000 km per hour jumping from one continent to another in several hours… yet when it comes to personal data verification and document processing, we return to the Middle Ages. In KYC sector there are limit signs everywhere,” he stated.
The event turned out to be a discussion point for top level professionals from different areas including technology, banking, finance, money transferring, legal consulting and business development. Keynote speeches were delivered by Michel Farah, CAMS AML Compliance Director and former top VISA executive, Anatoly Ressin, CEO at Blockvis,, Conrado Sandim, CCO at Transfero Swiss AG, Geneva, NeoMoney CEO Mohammad Shaheed Khan, Marco Tiso, Program Manager and Strategy Consultant at Best Vision Ltd, and Shufti Pro CEO Victor Fredung.
Speaking of individuals’ needs, experts agreed that suitable technologies shall act like one decentralized digital ID that combines all necessary information of its owner, avoids centralized storage of data, allows the user to choose degrees of disclosure to different recipients, enables more sophisticated verifications (e.g. “over age limit” ones), and employs immediate freezes and red flag regimes once a threat of data breach is discovered.
As for corporate users, the solution targeted must provide zero time spent for manual filling of forms, ability to know about earlier data checks and their reliability, more freedom to notary and similar services, options to mark actual (not outdated) data to skip double verification. The important issue is the recognition of a person who owns the dataset with no offline visit.
WDIA members are forming multiple discussions panels, boards and working groups to study and investigate these issues. “There will be multiple dedicated teams in the Association, monitoring and discussing different technologies and use cases that could be implemented for verification. Whether you need to confirm your pet’s photo, some papers or for example medical records, there are different approaches available”, WDIA President Yuriy Myshinskiy concluded.