Online onboarding – thanks for being there for us

Did you know that…?

The first commercial videophone was developed by engineers at the Bell Telephone Laboratories research center (now Nokia Bell Labs) and presented in 1964 at the World Expo in New York, USA.

Part of the process of accepting new clients for service support by the compliance department is personal identification, as well as verifying the compliance of the submitted documents. The procedure may be performed during a face-to-face meeting. If it is impossible to hold a meeting, personal identification is carried out by persons authorized to perform notarial actions, or by other persons entitled to certify the authenticity of documents. However, such individuals shall be classified as non face-to-face clients and may be assigned a high level of risk.

Due to the current global situation, it is quite difficult to schedule a meeting at the moment. What actions may be taken to ensure that the working process with new clients is not suspended, while all legal requirements are still met? Let us turn to the law itself.

“The day will come when the man at the telephone will be able to see the distant person to whom he is speaking.”

Alexander Bell, 1906

Laws keep up with the times and provide an opportunity to use all available means of communication to confirm one’s identity. For example, in accordance with the Directive of the Cyprus Securities and Exchange Commission a more comprehensive verification may be carried out regarding persons with no previous personal acquaintance in order to prevent and stop money laundering and terrorist financing. Such verification includes, inter alia, interaction via means of video communication with an option to take screen shots as confirmation of such communication, provided that all security measures are met. The proper level of security may be achieved by holding a video conference on platforms that allow you to restrict access to it. During the conference, previously submitted identification data is confirmed.

The diagram shows the procedure of personal identification via means of video communication.

It is clear that the regulation takes into account the potential of modern technologies and gives an opportunity to keep the working process with new clients uninterrupted, which under the current circumstances is a chance to maintain the customer base.

Vlada Shafirova

Onboarding Specialist

Corporate Services

Korpus Prava (Cyprus)

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