Regulatory Alerts2021-05-06
FINMA Circular 2016/7 on Video and Online Identification for Client Onboarding
The Swiss Financial Market Supervisory Authority (FINMA) issued this circular to define due diligence requirements for financial intermediaries onboarding clients via digital channels. It establishes that video identification holds equal validity to in-person identification provided specific technical, organizational, and security criteria are met. The document further details acceptable methods for online identification, including electronic copies authenticated by qualified signatures or third parties, and outlines procedures for declaring beneficial ownership electronically.
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