Design Requirement

R2.1 - Money Laundering Act (MLA)

The Money Laundering Act (MLA) provides banks with specific requirements regarding the identification of customers and the storage of their records, and requires banks to determine and document customer risk.

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design-knowledge/kyc-framework-ssi-r2-1

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Producer label: R2.1
Source paper: Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity
Timestamp: 2026-08-05T00:00:00+00:00
Bundle path: design-knowledge/kyc-framework-ssi-r2-1.md

bankingdesign-requirementidentity-ssikyckyc-framework-ssiverifiable-credentials

Design requirement R2.1: Money Laundering Act (MLA)

The MLA provides banks with specific requirements regarding the identification of customers and the storage of their records. The banks are also required to determine and document the risk in relation to their customers.

Source paper

This design requirement is proposed by Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity (Vincent Schlatt, Johannes Sedlmeir, Simon Feulner, Nils Urbach, 2022).

Addresses

Design objective Objective 2: Regulatory compliance

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1 Design Objective

design-knowledge/kyc-framework-ssi-do2

Objective 2 - Regulatory compliance

Compliance with regulations is a key objective of the KYC process; the Money Laundering Act (MLA), GDPR, and electronic Identification, Authentication, and Trust Services (eIDAS) are particularly relevant regulations for a digital KYC process.

bankingdesign-objectiveidentity-ssikyc+2

1 Paper

papers/kyc-framework-ssi

Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity

The paper derives six design objectives (16 sub-requirements) for an SSI-based eKYC framework and demonstrates how blockchain-based self-sovereign identity can solve KYC challenges without violating data-protection regulation, deriving three nascent design principles that theorize blockchain's role for SSI: use blockchain only for public data, anticipate an ecosystem of various ledgers, and enable decentralization at the edge.

bankingblockchaindesign-science-researchidentity-ssi+3

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Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity
Paper
Source
Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity
Target
R2.1 - Money Laundering Act (MLA)
Link label
Design requirement R2.1: Money Laundering Act (MLA)
Status
Resolved
Derived heading context: Design knowledge

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3 of 3 concepts · 5 directed relationships

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{
  "type": "design-requirement",
  "title": "R2.1 - Money Laundering Act (MLA)",
  "description": "The Money Laundering Act (MLA) provides banks with specific requirements regarding the identification of customers and the storage of their records, and requires banks to determine and document customer risk.",
  "resource": "https://doi.org/10.1016/j.im.2021.103553",
  "source_paper": "Designing a Framework for Digital KYC Processes Built on Blockchain-Based Self-Sovereign Identity",
  "label": "R2.1",
  "tags": [
    "kyc-framework-ssi",
    "design-requirement",
    "identity-ssi",
    "kyc",
    "banking",
    "verifiable-credentials"
  ]
}