Yes, online identification is indeed a legal process. This method of identity verification has gained global acceptance as a secure and efficient way to confirm identities. In accordance with the EU Fourth Money Laundering Directive, all financial institutions are required to verify the identity of their clients before entering into a business relationship. This directive is crucial in the fight against money laundering and terrorism financing, ensuring that all financial transactions are conducted by verified individuals and entities.
Key Points:
1. Compliance with EU Regulations: The EU Fourth Money Laundering Directive mandates that all financial service providers must confirm the identity of their clients. This regulation helps to maintain the integrity and security of the financial system.
2. Global Adoption: Online identification is increasingly being adopted worldwide as a standard practice for identity verification. This method provides a secure, efficient, and user-friendly way to ensure compliance with legal requirements.
3. Security Measures: To protect personal data, myPOS employs robust security measures including data encryption and secure servers. Only authorised personnel have access to the verification data, further ensuring the security and confidentiality of client information.