Austria Empowers Digital Transformation with Innovative KYC Solutions
A Step Forward in Addressing Cybersecurity Challenges
As the world becomes increasingly digitized, businesses are facing a double-edged sword: cybersecurity threats and consumer demand for streamlined processes. The Austrian Financial Market Authority (FMA) has taken a significant step forward by revising its online identification ordinance, paving the way for fully automated biometric authentication technologies for Know Your Customer (KYC) requirements.
Revised Regulations for Enhanced Security
The revised regulations, set to come into effect from January 2023, will enable banks and other Anti-Money Laundering (AML)-required companies to leverage remote identity verification methods that meet current state-of-the-art security standards. This development is expected to benefit both users and businesses alike, with quicker processes and improved conversion rates on the horizon.
Key Features of the Revised Regulations
- Biometric verification criteria must adhere to cutting-edge technology, offering the same level of security as in-person identity verification.
- Specific technical requirements include:
- ID document security feature checks
- Biometric capture
- Liveness Detection through video recording
- From January 2023, a photo ID must be verified by reading the electronic security chip (NFC chip)
Industry Leader IDnow at the Forefront of Innovation
IDnow, a leading identity verification provider, is actively collaborating with authorities, regulators, and European standardization working groups such as the IDO Alliance. As a member of esteemed organizations like Hyperledger, W3C, and Linux Foundation, IDnow is committed to creating a secure and modern identity ecosystem that ensures superior compliance needs.
A Model for Digital Transformation
With this groundbreaking development in Austria, the country is poised to become a model for digital transformation, empowering businesses and consumers alike with innovative KYC solutions.