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FINMA Introduces Corrections of the Circular on "Video and Online Identification"

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FINMA Introduces Corrections of the Circular on “Video and Online Identification”

Nov 20, 2020 | Financial Market News

FINMA Introduces Corrections of the Circular on "Video and Online Identification"

The Swiss Financial Market Supervisory Authority FINMA is improving the requirements to the due diligence for online client onboarding in accordance with the advancement of technology.

Thereby the Circular on "Video and online identification" is being reconsidered up to 1 February 2021.

In the context of the technology development the Circular "Video and online identification", went into effect in 2016, has to be revised for further guaranteeing the effective combating of money laundering. The consultation is holding up to February 2021.

The financial intermediaries will be afforded the opportunity to automate the procedure of client identification by means of scanning of the client's biometric passport chip and to maintain in such a way at least the same level of security. The other security requirements such as bank payment and scanning of the biometrical document chip are left unchanged. In such a way it helps to make the attempting abuse lever lower, because in the digitalized environment the in-person identification can be got rid.

FINMA Corrections of the Circular on “Video and Online Identification”

Source: https://www.finma.ch/en/news/2020/11/20201116-mm-online-identifizierung/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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