IDnow launches automated identity verification for highly regulated use cases

Thursday 12 August 2021 09:57 CET | News

IDnow, a European Platform-as-a-Service provider for identity verification, has announced plans to expand its automated solution AutoIdent for additional highly regulated use cases.

These cases include areas regulated by the Anti Money Laundering Act (AML/GwG), such as banks and financial service providers. IDnow AutoIdent is an AML Act compliant identity verification solution that operates as an automated process and meets the high-security requirement, according to the official press release.

It serves a wide range of industries and use cases, such as opening a bank account, signing a loan agreement, or onboarding a player for online gaming.

IDnow AutoIdent including QES, is certified by a conformity assessment body and is approved by an EU Member State National Regulator for issuing QES (Qualified Electronic Signature) according to eIDAS Regulation Article 24 (1) d). The process can include a one-cent-bank transfer, turning it into a fully compliant remote onboarding solution in accordance with the German AML Act - Geldwäschegesetz (GwG), under Section §12 sentence 1 Nr 3. According to the AML law, automated identity proofing in connection with a reference transaction is permitted, pursuant to Article 32 eIDAS.

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Keywords: product launch, identity verification, KYC, AML, EIDAS
Categories: Fraud & Financial Crime
Countries: Europe
This article is part of category

Fraud & Financial Crime

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