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APPLICATION OF BLOCKCHAIN IN BANKING COMPLIANCE ACTIVITY

Nedyalko Valkanov

Abstract

Introduction and penetration of blockchain based technologies alongside with the appearance of cryptocurrencies gave financial sector not only a strong competitor in the face of different fintech alternatives but also a powerful possibility for response to complex and burdening present-day regulatory environment. The article examines possible applications of distributed ledger technology for the needs of modern banking compliance. The study emphasizes that this innovation could be treated as a factor that inevitably changes the way modern banks respond the expectations of surrounding regulatory framework. On the basis of presented facts and analysis are proposed several assumptions for future integration of blockchain technologies into banking compliance activities in shorter and longer term.

 

Keywords

blockchain, banking, compliance, financial regulations

 

JEL Codes: G21, K20, O30

 

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