As if a global pandemic and a stay at home order wasn’t excuse enough to binge Ozark on Netflix, I got a new job at a company that combats crazy things like money laundering! So technically, I was doing my homework.  

Anyway, Ozark is about Marty, a financial advisor/money manager turned money launderer. He gets involved with some scary foreign clients whose wealth is generated from illegal activities, AKA a cartel, and embarks on his very illegal journey of money laundering. These clients take advantage of Marty’s expertise to launder and ‘clean’ their money by mixing the illegal money with the money from an established (usually legal) business and depositing the proceeds into accounts that are usually linked to false identities. Sounds exhausting, right? I’ll literally never complain about regular cleaning and laundry again.  

 

Commerce: Then vs. Now 

After successfully watching all of season 1 and crushing a family sized bag of cheddar and sour cream chips, I had an epiphany. The value and existence of companies like Global Data Consortium became clear – especially in our changing commerce landscape. Since the beginning of civilization, commerce existed as in-person bartering of physical possessions with known entities. If one party doesn’t believe the other party’s product is high quality or if one of the parties has a reputation that makes the other party say “yikes,” they would not participate in that transaction.  

I think we all can agree that commerce in the 21st Century has been significantly disrupted. First, legal tenders issued by governments helped establish a formal, monetary framework. Second, that definition of legal tenders has been tested with the rise cryptocurrency, or legal tenders to buy items of physical value, or virtual ‘value’ in the form of equipment in multi-player online gaming environments. The rapid digitization forced on the world during COVID-19 won’t slow down after this stay-at-home order is over; now that we’ve seen what the world is capable of with digitization, it’s will only increase.  

 

How does this connect to GDC? 

I was told to watch Ozark to help me understand GDC’s value. Being the classic, overconfident recent college grad, I connected the dots quickly: drug cartel, software and data verification for anti-money laundering, – got it. Easy A+. But, being the classic new employee in a new industry has humbled me. I found it’s much deeper than that. 

How does any company, especially a sharing, virtual, or cloud economy company verify that a customer really is who they say they are? That their identity, contact information, location, and age are all verified to reduce risk, prevent fraud, and comply with the legal and regulatory guidelines in multiple countries and markets? I mean, Marty Byrde’s son tests the basic principles of Know Your Customer by walking into a bank and using fake documents to open a checking account. And he’s like, 12. From transportation apps, to professional services, hospitality, food delivery, financial management and everything in between requires KYC compliance regardless of being a physical storefront or virtual business. Like I said earlier, COVID has made life one long virtual Zoom call and the rapid move to digital demands stricter compliance and security measures.  

Companies work with GDC because this problem is complex and varies by country of operation and their compliance laws. Country-specific compliance requires local, in-country partners and data experts to help provide quality, real-time, reliable data, to ensure higher match rates. How do we deliver this value to you?  

  • Single access point to local, high-quality, validated, up-to-date reference data 
  • Cloud-based data as a service platform that allows access via API or portal 
  • Local intelligence data of more than 1,000 in-country, local market identification experts 

Each of our data suppliers is a global identity expert in their country or region and works with banks, insurance, and/or government organizations, allowing you to conduct: 

Global Data Consortium Offerings

For more information about how GDC can help, reach out to us at sales@globaldataconsortium.com