Swiss Regulator Brings Fintech Into Client ID Process

Law360, London (May 17, 2021, 12:27 PM BST) -- Switzerland's finance regulator said on Monday that it is streamlining the online identification processes that banks carry out with new clients to take advantage of chip technology and allow use of biometric data to confirm customers' information.

The Swiss Financial Market Supervisory Authority said that, from June, it will allow finance companies to streamline the processes of setting up accounts for new clients by using biometric information contained in identity documents such as passports.

"Under the new arrangements, financial intermediaries may dispense with the bank transfer used to identify clients if the requisite data can be read from the chip embedded...

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