National and European regulations are multiplying, regardless of the sector of activity.
Are you following the rules?
Since the explosion of the Internet and remote services, the European market has been governed by numerous regulations to which companies must adhere.
What is the purpose of this regulatory compliance? To verify the identity of your customers, to make sure they are compliant with legislation and to check their probity and integrity. This process is known as the Know Your Customer (KYC) process.
The KYC process involves verifying the identity of your customers, usually when they register remotely. In order to benefit from an online service or product, the customer must create an account. And it is during this account creation that identity verification is sometimes required. Either to ensure the identity of the user, or sometimes to respond to issues related to the business sector: age verification, fraud detection, compliance with regulations, etc. In terms of KYC compliance, each country and each sector (banking, insurance, online gaming, government, etc.) depends on a regulator with different requirements.
The KYC process also allows for the assessment and control of customer risk.
In the financial sector, for example, regulations have become very strict, and constitute a legal obligation to comply with the Anti-Money Laundering and Counter-Terrorist Financing (AML-CFT).
It is in this context that the European Union has intensified regulation in 2020 with the adoption of the fifth European AML-FT Directive (AML5).
In addition, there are also issues related to data protection and compliance with the GDPR (General Data Protection Regulation), as well as issues related to the improvement and securing of European digital exchanges (eIDAS Regulation).
Find out how our remote identification solutions are in regulatory compliance and meet all these European regulations.
The GDPR (General Data Protection Regulation) is a European regulation that requires companies to protect the personal data and privacy of EU citizens.
It therefore affects the collection and processing of information from any transaction taking place in the European Union, and also all entities that process personal data belonging to EU residents. As such, companies that do not comply with the Regulation can face heavy fines. Indeed, the penalty can be up to 4% of annual turnover.
Identity-related data (surname, first name, date of birth, etc.) clearly fall into this category. But the GDPR also covers biometric data, which are physical or biological characteristics that identify a person. This can be fingerprints, facial recognition, etc.
Our identity verification solution compiles biometric data. And the requirements for processing biometric data collected for identification purposes are even stricter.
Therefore, we guarantee total confidentiality and protection of all analyses in order to offer you a fully GDPR compliant service.
The EU Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Directives include legal controls that require financial institutions to prevent, detect and report money laundering activities. In this context, regulations oblige financial institutions, which issue credit or allow their customers to open bank accounts, to carry out due diligence procedures.
The Fifth AML/CFT Directive, which came into force in early 2020, includes a series of changes to the structure of the Fourth Directive that broaden its scope. Initially focused on money laundering, it gradually includes tax fraud and terrorist financing.
As such, our identity verification services meet the requirements of the AML/CFT and are an effective means of achieving regulatory compliance.
IDCheck.io is also compliant with the eIDAS Regulation, which aims to increase trust in electronic transactions within the internal market. It establishes a common basis for secure electronic interactions between citizens, businesses and public authorities.
This regulation mainly concerns public sector bodies and trust service providers established in the European Union.
It thus facilitates the emergence of the digital market. The eIDAS regulation applies to electronic identification, trust services and electronic documents. It covers in particular the issue of electronic signatures.
Our services are certified at European level for authentication and electronic signature processes.
The solutions developed by IDCheck.io ensure a reliable KYC process that complies with current standards.
ARIADNEXT is committed to the decision-making bodies and offers solutions that are perfectly in line with current standards and regulations. Through its R&D department, it is working to define the standards of tomorrow.
We will be happy to discuss your project.
As a financial player, and more specifically as an online credit service provider, Younited Credit is subject to numerous regulations ; among them is the well-known AML-CFT (Anti Money Laundering-Combating Financing of Terrorism)…