The case
The Swiss Financial Market Supervisory Authority FINMA is amending the due diligence requirements for client onboarding via digital channels to take account of technological developments. To this end it is revising the Circular on “Video and online identification” and holding a consultation up to 1 February 2021. For more see link.
Source: FINMA
The commentary
According to the proposed revision the scanning the client’s biometric passport chip shall be an additional possibility for online identification. In principle, however, the need for accompanying security requirements, such as a bank transfer or the reading of the chip of the biometric identification documents, will be maintained so that the level of security of digital onboarding remains the same.
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