Newsletter 754: Update of FINMA circular 2016/7 «Video and online identification”
Ladies and Gentlemen
Dear Members
We are hereby informing you that the Swiss Financial Market Supervisory Authority FINMA has updated its Circular 2016/7 “Video and online identification” considering the ongoing technological developments. Please note the following two amendments that may be relevant for you:
As of 1 June 2021, financial intermediaries may read the data required for the identification from the chip embedded in biometric identity documents as an alternative to the so far required bank transfer in the course of the online identification process. Moreover, geolocation will be an official method to confirm the contracting party’s home address. Further information as well as the revised Circular can be found here:
Kind regards
VQF
Financial Services Standards Association
Please note that only the German version is legally binding.