Enterprise blockchain software firm R3 recently completed a proof of concept test of its Know Your Customer (KYC) application built on its Corda blockchain platform, French financial institution RCI Bank and Services announced on Dec. 3. KYC requirements are part of the due diligence needed to meet Anti-Money Laundering (AML) regulations, an important but time- and money-consuming process used in the financial industry. Twenty-six firms participated in the test of CordaKYC, including insurer Allianz France and banks BNP Paribas and Societe Generale. In June, R3 announced that a group of 39 firms in 19 countries, including Deutsche Bank, ABN AMRO, and the Federal Reserve Bank of Boston completed KYC transactions…