Who needs KYC and why?!?

@peter_sweeney

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Why it worked

The video explains a complex topic (KYC) in a simple, relatable way, connecting it to current events and everyday experiences like opening bank accounts or using ride-sharing apps. The mention of Twitter's potential adoption of KYC adds a timely and engaging element.

Summary

The video explains why companies, particularly financial institutions, implement Know Your Customer (KYC) procedures, stemming from the Patriot Act's goal of preventing terrorist funding. It also touches on how marketplaces and social media platforms are increasingly using KYC to build trust within their networks.

Structure

1Introduction to KYC and its purpose
2Historical context: Patriot Act and financial institutions
3KYC in financial transactions (credit cards, bank accounts)
4Emergence of KYC in marketplaces and social media
5Reason for KYC in these platforms: trust
6Mention of Twitter implementing KYC

Call to action

So if anybody works at Twitter and wants to get footprint in the door, let me know.

On-screen text

Who needs KYC and why?!?

Original caption

What companies need to do KYC and why do they do it?!? #fyp #fintech #kyc #idverification #trust

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Transcript

Good morning everybody. I wanted to talk quickly about what kind of companies do KYC and why they do it. First, let's chat financial companies. In the wake of 09/11, the Patriot Act was introduced. One of its goals is more robust anti-money laundering and prevention to try to prevent the funding of terrorists. And KYC played a big part of that. So after the Patriot Act, all financial type companies needed to run KYC. Anytime you open a credit card or an investment account or bank account, you're undergoing KYC. And that's usually why you have to put in your social security number. But with the increase distrust of like internet and marketplaces, we're actually seeing some other company starts around KYC. Marketplaces like an Uber or social media platforms will run KYC to increase trust amongst their network. Because KYC also pretty much is just identity verification. And the other day I saw Twitter now, so we're gonna start doing it. So if anybody works at Twitter and wants to get footprint in the door, let me know.