SEPBLAC Greenlights Video KYC Process in Spain: A Game-Changer for Fintech Industry

The first instance of video KYC recognition in Spain

German Credit Mediation Platform Obtains Authorization for Video KYC Process

• Roca Junyent, a leading Spanish law firm, announces successful authorization for video KYC process by SEPBLAC
• Xavier Foz and Fintech team at RocaJunyent advise the German credit mediation platform in the application process

Essential Requirements for a Successful Video KYC Process

SEPBLAC has set the following essential requirements for a successful video KYC process:

1. Presentation of Genuine Identification Documents
2. Comprehensive Risk Assessment
3. Secure Technical Requirements
4. Special Training for Staff
5. Record-Keeping and Client Consent
6. Privacy Measures for Video Conferencing
7. Visible Display of Identification Documents
8. Prevention of Falsification or Manipulation
9. Photograph Retention by Obliged Entities
10. Sanctions Screening Before Transactions
11. Outsourcing Permissions and Strict Liability

Implementation of Video KYC by Any Obliged Entity

From March 1, 2016

Any obliged entity under the Spanish AML Act, including foreign companies, can employ this innovative video identification technique.

Key Benefits of Video KYC Process

• Reducing costs
• Increasing competitiveness
• Enhancing client service in the financial sector

Enhancing Competitiveness and Client Protection

SEPBLAC’s commitment to encouraging technological innovation in the Spanish financial industry.

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