New Irish Regulation Opens the Door to Digital Onboarding
Financial regulation is often seen as a burden, however, in this instance, it represents the opportunity for Ireland’s financial services organizations to revolutionize customer onboarding.
In Section 33 of the Criminal Justice Money Laundering and Terrorist Financing 2010 Act (relating to customer due diligence), the law provides for “electronic verification of the customer’s identity on the basis of documents”.
Discover the key advantages of electronic identity verification
Fast Acquisition
Automated electronic identity document verification enables compliant account opening.
Building Digital Trust
Electronic identity verification helps meet compliance needs, while building trust in the digital channel.
Prevent fraud losses
In addition to complaint on-boarding, it reduces application and account takeover fraud.