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FINMA Gives Permission to Scan Chips during the Online Identification Process

May 24, 2021 | Financial Market News

FINMA Gives Permission to Scan Chips during the Online Identification Process

The Swiss Financial Market Supervisory Authority FINMA is updating the procedure of the online identification using the NFC verification by scanning the chip embedded in biometric identity documents. This update is part of FINMA’s broader regulatory modernization, aligned with efforts such as Finma publishes its enforcement actions, which aim to improve transparency in oversight practices.

Taking account of the technological development, FINMA enable the financial intermediaries to dispense with the bank transfer as the verification step and to verify their clients by means of Smartphone-Apps, which will read the information like photo and personal data from the chips installed in E-passports, ID cards and driving licenses. These changes will come into effect on 1 June 2021. The announcement follows a series of compliance reforms, including Finma gives forth partly revised circular on direct transmission, which enhances direct cooperation with foreign supervisory authorities.

In addition, with the aim to support the automated online identification, FINMA will also allow to use geolocation as the place of residence confirmation. Parallel efforts to protect national brand value, like swiss exporters, show Switzerland’s commitment to innovation without compromising trust.
FINMA Permission to Scan Chips During the Online Identification
Source: https://www.finma.ch/en/news/2021/05/20210517-mm-rs-16-07-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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