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14/04/2020

Remote identification takes a giant step forward with the 5th Anti-Money Laundering Directive

The arrival of the 5th Anti-Money Laundering Directive

Since the founding text of 1996, a succession of laws have been passed to regulate and protect the financial system. They simplify interactions between customers and financial institutions. The 5th European Directive on the fight against money laundering and terrorist financing (AML-FT), which came into force in January 2020, represents a genuine recognition of digital identity.

Reinforcements concerning remote transactions

This directive brings many reinforcements, including a major improvement concerning remote transactions, and more specifically the way to identify a person. Indeed, this is an indirect way of combating money laundering, and the 5th Directive now requires any company registered in France to file the list of beneficiaries with the Commercial Court. The other aspect concerns the remote identification of natural persons. From now on, the directive obliges any establishment to identify its customers as soon as they carry out an online transaction of more than €100 per month (compared to €250 previously). This measure is then accompanied by a simplification of the remote identification of persons governed by the eIDAS regulation which establishes 3 levels for an electronic identity provider: simple, substantial or advanced. The 5th Directive takes account of the Regulation, and allows electronic identity providers to become relays between customers and their financial institutions.

A unique mode of identification

Previously, a citizen wishing to open an account remotely had to provide various documents to his bank to prove his identity. With the 5th Directive, this citizen will simply have to create his identity with a substantial e-identity provider, who will then take care of proving his identity. This single method of identification will then simplify all on-line procedures involving financial transactions.

Discover, the chronicle of Guillaume Despagne, president of ARIADNEXT, published in french on the Journal du Net.

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