Compliance & Regulations

FINMA Compliance

Discover remote online identity verification that helps Swiss-based financial institutions achieve FINMA compliance.

About FINMA and AML

In 2016, the Swiss Financial Market Supervisory Authority (FINMA) started allowing Swiss-based financial institutions to use online identity verification to fulfill Swiss Anti-Money Laundering Act due diligence requirements. This means customers could be verified remotely and no longer needed to visit a local branch in order to open an account.

The Opportunity

Unfortunately, only a handful of top Swiss banks offer any sort of digital onboarding for new customers, and in most cases this is done through a cumbersome video chat process. The opportunity exists to turn digital onboarding into something that is both compliant and efficient.

How Jumio Can Help

Jumio’s identity verification solutions use AI, machine learning, face-based biometrics and certified liveness detection to ensure the person behind a transaction is present and who they say are. Identity verification goes well beyond traditional authentication methods to deliver a significantly higher level of assurance and establish a trusted digital identity.

Updated FINMA regulations, which took effect in January 2020, include more stringent requirements aimed at making online identity verification even more secure. Jumio’s state-of-the-art identity verification technologies support FINMA regulations while also helping Swiss banks and financial institutions dramatically increase conversions and lower abandonment rates.

High-quality image capture

ID document security features

Selfie matching

Data extraction

Liveness detection

Download the FINMA Compliance Datasheet

Online Verification versus Video Verification

Video-based verification is problematic for a number of reasons:

Customers can only be onboarded during business hours.
Verification process typically takes about four minutes to complete, but that’s only after a potential customer waits to speak with an agent.
Because a physical agent is involved, the customer experience is uneven and a significant number of users are unhappy with the agent and their professionalism.
The cost per verification is significantly higher than modern identity proofing techniques because of the manual nature of the process.
Abandonment rates are comparatively high because of hold times and customer frustration.

A more secure and streamline alternative is available thanks to online identity verification.

	Video	Online
Requires Appointment	Yes	No
Requires Waiting For Live Representative	Yes	No
Available 24/7	No	Yes
Typical Completion Time	4 Minutes	1 Minute Or Less
User Conversion	★★★	★★★★★
Cost	$$$$$	$$
Fraud Detection	★★★	★★★★

Ready to see how Jumio can help you achieve FINMA compliance?

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There was definitely an increase in conversions as a result of implementing Jumio, and a big step change for us compared to when we were doing manual reviews. That helped us in a real, tangible way. It was very impactful for onboarding and conversions."

Jason Harper, Vice President of Product, Paysafe