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KYC compliance & requirements

Discover our KYC compliance solution

Since the explosion of Internet and remote services, the European market has been governed by series of regulations. And companies must comply with this regulations. In terms of KYC compliance, each country and each sector (banking, insurance companies, online gaming, government, etc.) depends on a regulator. And everyone has different requirements that must be respected in KYC process. 

Know Your Customer (KYC) process consists in verifying identity of your customers. Most often, when they register remotely. Indeed, to benefit from an online service or product, the customer must create an account. And it is during this account creation that id verification is sometimes required. Either to be certain of the user’s identity, or sometimes to respond to issues related to the sector of activity : age verification, fraud detection, regulation compliance…etc.

KYC verification also assess and monitors customer risk. As well, it is a legal requirement to comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT). In financial and banking sector, regulations have become very strict. In the context of the ongoing fight against fraud and the financing of terrorism, the European Union is intensifying regulations. That is why the fifth EU Anti-Money Laundering (AMLD 5) has been adopted. So member States are required to transpose the amended regulations by latest January 20th, 2020.

In this way, Our identity verification services strives to comply with all these regulations.  In order to meet all the requirements of remote identification. Discover the differents regulations and how our id solutions are KYC compliant.

Meeting AML requirements for online id verification

European Directives Anti-Money Laundering (AML) contain legal controls. And these controls require financial institutions to prevent, detect and report money laundering activities. 

In this conditions, AML regulations oblige financial institutions, that issue credit or enable customers to open accounts, to carry out reasonable diligence procedures. In order to ensure that they are not involved in money laundering activities. That is why it is up to these financial organisations to perform background checks on customers. They ensure, in this way, that customers are not taking part in a money-laundering operation. They must verify where large sums of money have come from and monitor suspect activities.

The Fifth AML-CFT Directive, which entered into force at the beginning of 2020, is a series of amendments to the structure of the Fourth Directive. In fact, the perimeter is expanding. Initially targeting money laundering, it gradually includes tax fraud and terrorist financing.

Thus our identity check services respond to AML-CFT requirements. And is an effective way for KYC compliance.

Protecting Against Fraud

Protecting users and their personal data with our KYC compliance solutions

The GDPR (General Data Protection Regulation) is a European regulation. It requires companies to protect EU citizens’ personal data and privacy. So it concerns all the transactions taking place in European Union. And also all entities that deal with personal data belonging to residents of the EU. Thus this regulation has been mandatory for all companies since May 25, 2018.

In these conditions, companies that fail to respect the regulation can pay a heavy price. In fact, the penalty is up to 4% of annual revenue. Any company collecting data about citizens of EU must comply with these new rules. Data about identity (surname, first name, date of birth..etc) clearly fall within this category.

GDPR also concerns biometric data. Biometric data are physical or biological characteristics that allow a person to be identified. These can be fingerprints, facial recognition, …etc. In fact, our identity verification solution compiles biometric data. And the requirements for processing biometric data collected for identification purposes are even stricter. In this way, we guarantee the total confidentiality and the protection of all analyses. Our id check service is effectively GDPR compliant.

Customer Data Protection

Improving and securing international exchanges and processes

IDCheck.io also complies with the eIDAS regulation. This regulation concerns public-sector organisations and trust service providers based within the European Union. ANSSI is one of the national organizations responsible for the implementation of this regulation.

eIDAS aims to increase trust in electronic transactions within the internal market. It establishes a common framework for secure electronic transactions between citizens, businesses and public authorities. In this way, it facilitates the emergence of the digital market. The eIDAS Regulation applies to electronic identification, trusted services and electronic documents. It covers in particular the subject of electronic signatures.

Our services are certified at European level for both authentification and electronic signature processes.

secure processes between countries
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