The subject of “Know Your Customer (KYC)” is becoming increasingly important.
Technologies should not offer a false sense of security when it comes to serving the digital marketplace.
Options to conduct business transactions and public services digitally from any location at any time have increased exponentially. The demand for digital customer-centric services shows no signs of slowing down. Not only is it essential for companies to know with whom “you are doing business” from the onboarding process to maintaining relationships, it is equally important to reduce attempted fraud as much as possible. Digital trust and data protection are the central pillars of all our products and services.
Money Laundering Act
The Money Laundering Act is a piece of national legislation. Compliance with this law is monitored in each country by the corresponding supervisory authority.
We maintain close contact with European supervisory authorities. IDnow jointly participates with established sector associations across Europe and throughout the world, and we share our expertise on security and innovative development of digital identification processes.
EU Member States and European countries have introduced video identification, as well as semi-automated solutions at different points within their national AML legislation. The experience of individual countries with these systems differs accordingly.
Regulations on a national level
We began developing our video identification process in 2012 Through extensive exchanges with associations and authorities in the individual countries, as well as participation in workgroups to draw up new directives, we were able to continue establishing the video identification process and adapt our solution to the current regulations accordingly.
Germany
We’ve been using our video identification in Germany since October 2014. Back then, one of our first customers was Commerzbank, who still uses video identification today. Through constructive exchange with local authorities and associations we were able to adapt our identification solution to national provisions on time. As such, we satisfy all requirements. Moreover, our process is regularly audited by Ernst & Young.
- 05.03.2014 – Circular 1/2014 (GW)
- 10.06.2016 – Circular 04/2016 (GW)
- 11.07.2016 – Suspension of Circular 04/2016 (GW)
- 19.10.2016 – Suspension remains
- 10.04.2017 – Circular 3/2017 (GW)
Malta
We’ve been active in Malta since May 2017 with our video identification. Given our many years’ experience with German regulations, and constructive exchange with local authorities and associations, we were able to adapt our identification solution to national provisions on time. As such, we satisfy all requirements.
Switzerland
We’ve been using our video identification in Switzerland since March 2016. Amongst others, it is used by UBS. Given our many years’ experience with German regulations and constructive exchange with local authorities and associations, we were able to adapt our identification solution to national provisions on time. As such, we satisfy all requirements.
Liechtenstein
We’ve been using our video identification in Liechtenstein since 2016. Given our many years’ experience with German regulations and constructive exchange with local authorities and associations, we were able to adapt our identification solution to national provisions on time. As such, we satisfy all requirements.
- 1.04.2015 – Instructions regarding the interpretation of Art. 11 Sect. 3 of the Due Diligence Act