AML-compliant customer identification in the finance and banking sector (KYC) in Germany is subject to the requirements of BaFin (the regulatory authority) and the Money Laundering Act. This involves the use of both on-site and online identification procedures, which are often provided by external service providers as “critical outsourcing" and as data order processing. In the age of ID wallets, this KYC process needs to be redeveloped from a regulatory, data protection and technical perspective - especially because the regulatory framework currently does not (yet) explicitly provide for the case of an ID wallet. The presentation describes the challenges for ID wallets and ID issuers in the AML context and shows an exemplary implementation.
