The FMA Regulation on video-based online identification of customers enters into force on 03.01.2017. Participants of the Austrian financial market, such as banks, insurance companies and investment firms are permitted to use “video-based identification” in order to determine the identity of their customers and to check their legitimacy. Based on the recently passed Financial Markets Anti-Money Laundering Act (FM-GwG; Finanzmarkt-Geldwäschegesetz), the FMA defines in the Online Identification Regulation (Online-IDV; Online-Identifikationsverordnung) the protective measures to be taken to reduce the risks that result from the determination and checking of the identity of customers in the customer’s physical absence.
Online customer identification
