{"id":27380,"date":"2022-01-28T08:32:58","date_gmt":"2022-01-28T08:32:58","guid":{"rendered":"https:\/\/veridas.com\/?p=27380"},"modified":"2024-02-12T09:16:23","modified_gmt":"2024-02-12T09:16:23","slug":"how-veridas-solutions-comply-with-regulations","status":"publish","type":"post","link":"https:\/\/veridas.com\/en\/how-veridas-solutions-comply-with-regulations\/","title":{"rendered":"How Veridas solutions comply with regulations"},"content":{"rendered":"\t\t
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Introduction: technology and regulation hand in hand thanks to Veridas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Spain can be considered a pioneer in the regulation of digital verification processes of citizens’ identities. This is a fact. It was already a pioneer several years ago, along with some other European Union countries, such as Germany, and it is still a pioneer today.<\/span><\/p>

Ever since human beings started doing business with each other, being able to trust the other party in a relationship has been the cornerstone of that relationship. And that trust starts with knowing who that person is, to know whether the operation we are carrying out with him or her involves greater or lesser risk, or simply to be able to determine whether it is possible to carry out that operation.<\/span><\/p>

This has always been so obvious to us, but it becomes even more important when these operations are carried out at a distance, with people we did not know beforehand. Confidence that the other party is who they say they are is even more fundamental, as we cannot rely solely on our knowledge and instincts, but need to rely on other tools to make decisions.<\/span><\/p>

The great development of digital identity verification tools in recent years has meant that, in processes that require a high level of security in the identity of the people with whom we interact, these specific technologies are required to be incorporated.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Identity verification for money laundering prevention<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In Spain, the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (SEPBLAC), belonging to the Bank of Spain, was among the first institutions in the world to authorize, already in 2016, remote identification for the initiation of transactions with regulated entities, such as the opening of current accounts in banks.<\/span><\/p>

Article 21.1.d) of the Regulation of Law 10\/2010, of April 28, provides that regulated entities may establish business relations or execute transactions by telephone, electronic or telematic means with customers who are not physically present when the customer’s identity is accredited through the use of secure customer identification procedures in non-face-to-face transactions, provided that such procedures have been previously authorized by SEPBLAC.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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The first milestone is the authorization of non-face-to-face identification<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Thus, in February 2016, SEPBLAC published the “Authorization of non-face-to-face identification procedures through videoconferencing”, which states that “Technological innovation in the financial sector has the potential to reduce costs, increase competition and provide a better service to customers. Consequently, it is advisable to favor the use of new technologies as long as they provide adequate levels of security”. It goes on to list the characteristics that tools must have to achieve this adequate level of security, among which the following stand out:<\/span><\/p>