Cybits welcomes new BaFin circular for video identification
Mainz-Kastel, 20/06/2016: The specialist in online identification of individuals welcomes the strengthening of requirements for the use of video identification in the context of know-your-customer duties pursuant to the German Money Laundering Act. While security authorities like BKA, BMI and BSI had criticized the offered video identification solutions in the past as risky, Cybits focused on setting its own video identification procedure [verify-U]f2f in a way that it achieved a sufficiently high level of safety and reliability. Being the first provider of online identification methods that have been certified according to the German Electronic Signature Act in 2013, Cybits had already proved its capacity to offer online identification of equivalent safety and assurance to an at-the-counter identification.
“Immediately after the first BaFin circular in 2014 about video we recommended to all customers to look not only at the requirements described in this circular, but to take profit out of our ten years of experience and add special security features in order to achieve an equivalent level of safety. With our online identification products we are since 2006 in the market and have thus gained a wealth of experience that no other competitor can offer. “, says Hansjürgen Keiling, sales director at Cybits.
Additional security is mainly supplied by the modules existence check, automatic identity check and bank identification that Cybits employed in the market since 2009. “These modules in combination with the video ID achieve already since a long time that level of security that BaFin finally calls now from all suppliers.”, explains Volker Neiss, Director of Technology, the advantages of Cybits’ solution since the beginning. Neiß regrets that BaFin has waived it again to demand a security certification of the various methods, although this is required in numerous other laws and regulations. According to Neiß it is crucial for Cybits that all identification processes must be certified to the highest requirements of independent conformity bodies: “Only then, our customers can be confident that our solutions deliver the appropriate level of safety and reliability to fulfill their KYC duties.”
Both the pure online identification product [verify-U]Ident as well as the video identification product [verify-U]f2f are certified by TÜV and comply to the German Electronic Signature Act and the European ETSI standards. Supplemented by the product [verify-U]eSign, consumers can be on-boarded fully online and even contracts can be signed online with full legal force without any paper shipped. [verify-U]eSign is another solution for which Cybits was first to the market in 2014 and saved a lot of time for consumers and financial institutes.