Identification (KYC) may also be done by video identification. Financial intermediaries can onboard clients via video transmission. FINMA has therefore put the video identification of the contracting party equal to in-person identification.
Video identification is equal to in-person identification if:
- live – via audio-visual communication by specially-trained employee;
- adequate technical equipment for video and decryption of machine-readable zone (MRZ);
- adequate picture and sound for unambiguous identification;
- full duration of interview audio-recorded
Video identity verification process:
- take photograph of the person and official ID (original) and compare the photo during the interview against the photo in official ID
- machine-read and decrypt MRZ information and examine optical variable for consistency (only official ID accepted with MRZ and optical security features)
- file and archive the photographs of the individual and the ID, and the audio recording
- if doubt or ambiguous identification, stop the video identification process
