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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.

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 ★★★ ★★★★


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
  • Certified liveness detection

Get Started

Let a Jumio expert show you how easy it can be to integrate our automated identity proofing solutions into your existing processes.