Regulatory Alerts2022-12-21
Regulation of the Financial Market Authority on Video-Based Online Identification of Customers
The Austrian Financial Market Authority issued this regulation to establish mandatory security measures for verifying customer identity via video-based online procedures when physical presence is not possible. It mandates strict organizational safeguards, including employee training and secure environments, alongside process-related requirements such as audio recording, high-quality screenshots, and biometric verification protocols. The document further outlines obligations for processors, rules for terminating identification processes upon detecting inconsistencies, and references to relevant anti-money laundering and data protection laws.
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