ARTICLE · 11 NOVEMBER 2021

FMA Permits Automated Biometrical Customer Identification – A Game Changer For The KYC Process?

Schoenherr (Schönherr Rechtsanwälte)

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Schoenherr (Schönherr Rechtsanwälte)

Schoenherr is a leading European full-service law firm with a strong footprint across Central and...

On 2 November 2021 the Austrian Financial Market Authority (FMA) published its long-awaited amended Online Identification Regulation (Online-Identifikationsverordnung, "Online-IDV").

AustriaTechnology

Matthias Pressler

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On 2 November 2021 the Austrian Financial Market Authority (FMA) published its long-awaited amended Online Identification Regulation¹ (Online-Identifikationsverordnung, "Online-IDV"). The FMA herewith enables financial service providers subject to the KYC obligations of the Financial Market Anti-Money Laundering Law (Finanzmarkt-Geldwäschegesetz; "FM-GwG") to use purely biometrical processes for remote identification of new customers. Biometrical identification processes are all procedures for online customer identification where the entire or parts of the online identification are carried out by an automated electronic procedure without the involvement of employees - there is no need for personal contact in the whole remote identification process anymore.

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FMA Permits Automated Biometrical Customer Identification – A Game Changer For The KYC Process?

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