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KYC Compliance & Requirements

Compliance and KYC regulations

Since the explosion of the internet and remote services, the European market has been governed by a series of regulations with which companies must comply. In terms of compliance, each country and each sector (banking, online gambling, government etc.) depend on a regulator with varying requirements that must be respected in KYC processes.

Our IDCheck.io identity verification service strives to comply with all these regulations to meet all the requirements of remote identification.

What are these regulations for?

Protecting users and their personal data

The GDPR is a regulation that requires companies to protect EU citizens’ personal data and privacy for transactions taking place in European Union member states.

Companies that fail to respect the regulation can pay a heavy price – up to 4% of annual revenue. Any company collecting data about citizens of European Union countries must comply with these strict new rules on protecting customer data, which took effect on 25 May 2018. Data about identity (surname, first name, date of birth) clearly fall within this category, but the requirements for processing biometric data collected for identification purposes are even stricter.

Customer Data Protection

Protecting companies against fraud

Successive European directives against money laundering (AML) and terrorism contain legal checks that require financial institutions and other regulated organisations to prevent, detect and declare money laundering activities.

Anti-money laundering regulations oblige financial institutions that issue credit or enable customers to open accounts to carry out reasonable diligence procedures to ensure they are not involved in money laundering activities. It is up to these financial institutions to perform background checks on customers and ensure they are not taking part in a money-laundering operation. They must verify where large sums of money have come from, monitor suspect activities and declare large cash transactions.

Protecting Against Fraud

Improving and securing international exchanges and processes

IDCheck.io also complies with the eIDAS regulation, which 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.

The regulation primarily concerns public-sector organisations and trust service providers based within the European Union.

secure processes between countries
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