The know-your-customer (KYC) due diligenceprocess is outdated and generates costs of up to USD 500million per year per bank. The authors propose a newsystem, based on distributed ledger technology (DLT), thatreduces the costs of the core KYC verification process forfinancial institutions and improves the customer experi-ence. In the proposed system, the core KYC verificationprocess is only conducted once for each customer,regardless of the number of financial institutions withwhich that customer intends to work. Thanks to DLT, theresult of the core KYC verification can be securely sharedby customers with all the financial institutions that theyintend to work with. This system allows for efficiency gains, cost reduction, improved customer experience, and increased transparency throughout the process ofonboarding a customer.