René Hendrikse, VP and Managing Director, Europe, Mitek, writes for Financial IT, reviewing how Europe is getting serious about money laundering.

AMLD 4 regulations are already here and AMLD 5 is on the way, aimed at decreasing the level of money laundering in Europe and consequently putting demands on banks to not only have strict Know Your Customer (KYC) processes but to conduct those customer due dilligence checks more frequently. 

Although eIDAS and digital identity are expected to eventually become the standard, an interim solution is utterly needed. Financial services need to provide something that will bridge the gap, allowing their customers to scan their identity credentials remotely and allowing customers to complete KYC processes using their mobile devices; digital identity verification stands out as the ideal solution. 

 

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