Title: Enabling compliant and inclusive financial services using a rule-language

Authors: Alessandro Aldini; Suzana M.B. Maranhão Moreno; Jean-Marc Seigneur

Addresses: Department of Pure and Applied Sciences, University of Urbino Carlo Bo, Urbino, Italy ' Geneva School of Economics and Management, University of Geneva, Geneva, Switzerland ' Geneva School of Social Sciences, University of Geneva, Geneva, Switzerland

Abstract: Currently, 1.4 billion people worldwide remain unbanked, with one notable challenge being the struggle to adhere to compliance regulations without possessing official personal documents. Regulatory requirements, often presented in unstructured formats using natural language, are scattered across documents originating from diverse jurisdictions. Innovative recognition approaches, such as recognising individuals through digital activity trails, offer potential solutions to this challenge. This paper introduces a conceptual model aimed at addressing financial inclusion challenges, with a particular focus on a formal rule-language designed to model financial inclusion services and to structure existing requirements related to user recognition. Our study also applies the proposed rule-language to a real-world use case, employing formal quantitative verification to validate its effectiveness in representing and comparing critical decisions within a financial inclusion context. The proposed framework demonstrates versatility by being applicable to both centralised and decentralised finance systems.

Keywords: rule-language; KYC; AML; compliance; financial inclusion services; computational trust and risk engine; CTRE; centralised finance; decentralised finance.

DOI: 10.1504/IJACT.2024.144924

International Journal of Applied Cryptography, 2024 Vol.5 No.1, pp.1 - 12

Received: 25 Feb 2024
Accepted: 01 Apr 2024
Published online: 10 Mar 2025 *

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