Whitepaper - Online Identification of Clients
The Identification Process of Clients in the Financial Sector
Customer On-boarding Process- Know Your Customer (KYC)
The process of identifying clients online has become a priority in the financial sector. The new regulations on money laundering, projects on digital transformation and costs rationalization as well as pressure being exerted by the vigorously emerging Fintech sector, are its main drivers. This report diagnoses the current situation on this topic and offers its readers important information in the technical, legal and business fields.
The remote Identification of clients has long been a desirable dream for the financial sector.
However, we need to recall, to cite an example, that there already exist banks opening accounts and offering services online and competing in Spain with our own banks.
Recently the regulators have ruled on this point with concrete specifications on non presencial relations and especially about the characteristics that means of electronic identification should comply with in order to be valid. This reason has catapulted the technology of electronic identification into the driving seat of what is fashionable, alongside the process known in English as ‘Customer On-Boarding Process’ itself a part of a whole industry now tagged as ‘Know your Customer-KYC’.
This whitepaper offers a vision on the current state of the art in the financial sector and explains the business benefits and laws that back up electronic identification. The idea is that interested readers can obtain additional information which helps in decision making and advancing in this type of projects. ‘Know your Customer- initialled KYC, refers to the process which should be carried out in legally registered financial companies to identify clients and pick out all relevant information before carrying out financial transactions with clients.
Legal expert in finance, tax law, tax and trade. External expert for the Spanish Service for the Prevention of Money Laundering (SEPBLAC).Financial Advisor series 6, 66 and 7 of Nasdaq and CEO of the Founders Association of Legal Advocates Strong, advisor to Wong and Fleming LLP in the USA. Master in Company Tax Law, UPM, Postgraduate Banking Law and Finances, Harvard University. CEO of the Spanish-American Advocates Association.
Consultant expert in digital economies, Founder of Civitana.org and CEO of Electronic Identification (eID, www.electronicid.eu).
Carlos Sáez Quintero
Partner and Director of Trebia Advocates and of Trebia Insurance, member of the Illustrious College of Advocates in Madrid. Law degree from the Autonomous University of Madrid, Master of Computer and New Technologies Law from Carlos III University of Madrid.
He is a teacher, speaker and frequent conference giver in different masters and seminars in the legal and IT fields, and mentor of different incubation and entrepreneur acceleration projects.
Consultant expert in digital banking specializing in innovation in the financial sector. Director of Everis in the Digital Banking field.
Certified in client experience by AEDEC. Studying a management program of innovation and financial technology at IEB.
Founding Partner of Expert Witness Forensic & Compliance. Specialist in regulations compliance in the Financial Sector ” Money Laundering, Market Abuse, Corporate Criminal Liability, internal control, procedures revision and the undertaking of investigations into accounting, economic and financial irregularities.
Independent expert, ratifying in court as well as in arbitration courts ( Marketing Swaps, Land Clauses, Preferred Stock, Non accumulative Capital Notes, Structured Products as well as Restructurings, Viability and Refinancing Plans, Money Laundering, Fraud, Conflict between Parties, Calculation of Lost Profits and Consequential Damages, Reviews…)
Monitoring Trustee on behalf of the European Commission for the refinancing Spanish banks process.