If you intend entering the financial market, the financial services you wish to provide may require FINMA authorisation. Individuals and legal entities must apply to FINMA to obtain authorisation for certain activities and, in some cases, for specific products.
The most common type of authorisation granted by FINMA is a license to engage in a given financial-market activity. Banks and securities dealers, insurers, collective investment schemes and financial-market infrastructures must comply with stringent organisational, financial and risk-minimisation requirements. They are also subject to prudential supervision by FINMA.
Accepting assets or providing assistance in the investment and transfer of assets are subject to the rules set out in the Anti-Money Laundering Act. This includes credit and leasing transactions, asset management, fiduciary activities, payment service providers and money exchangers. Trading with digital currencies (Bitcoin, etc.) and operating a payment system fall under the Anti-Money Laundering Act (AMLA).
Specifically, this involves checking that the financial intermediaries who, on a commercial basis, accept or hold assets belonging to others or who assist in the investment or transfer of such assets have taken the necessary precautions to prevent money laundering.
Due to an increasing number of financial intermediaries who interact with their clients via internet and mobile devices the anti-laundering due diligence requirements are also set in the context of digitalisation of financial services.
If you are embracing technological change and intend launching a FinTech company or providing FinTech financial services, your last missing puzzle for a FINMA licence is a customer due diligence background check as the keystone of your client’s onboarding procedure. Luckily, BASIS ID Know Your Customer solution is always here to help you.
Our infrastructure at its core is built in full compliance with the global and local regulatory requirements including FATF, MAS, GDPR, FINMA, FCA and CySEC. We are operating at the forefront of Data Protection and regulatory legislation all around the globe. The platform provides a flexible setup of verification process for both automatic and manual modes.
BASIS ID provides a full spectrum of e-KYC verification methods in order to provide a complete equivalent of a standard face-to-face client onboarding while producing a substantially better performance.
By choosing BASIS ID as your verification agent you will: reduce the time for onboarding a client, increase your conversion rate by giving clients access to your features while they’re still engaged with your product, reduce the possibility of identity theft, protect yourself from fraud and money-laundering.
Our system is able to check the customer’s due diligence and the legitimacy of their identity at multiple levels.
Know your customer checklist for identity verification:
✔ AML/OFAC/Sanctions screening
Our system collects photo of the ID document, extracts data and matches it to the data provided by the user. It is run through the AML/CTF databases, such as Thomson Reuters to detect any potentially fraudulent customers. We are excluding imposters by requesting users to provide a video with their face and the document sent. Our robust facial recognition engine compares the photo on the document with the video to make sure that the person is actually the owner of the document. At the same time analysis tools verify that the document hasn’t been altered in graphical editors (e.g. Photoshop) and is a genuine government issued ID document.
We verify the email the user has registered with as well as are able to send an OTP SMS that verifies the phone number they’ve provided. In order to verify the address, we request users to provide a recent document that includes their residential address.
Our solution is easy to set up and is available in both widget and API integration methods while providing flexible settings to fit our client’s needs.
Stay at the forefront of AML by choosing BASIS ID and prove your trustworthiness to your clients, partners and FINMA. Protect yourself from fraud and leave the burden of customers’ due diligence to us!