Bafin – Circular 04/2016 (GW) on video identification (1)

In June 2016, Bafin published a new circular 04/2016 (GW) on video identification. In this circular, the requirements under money laundering law for video identification in the customer intake process are reformulated. In particular, the requirements regarding the

1. premises,
2. the approved identification documents,
3. the verification of identity documents,
4. storage and recording obligations and
5. data protection

are newly regulated. However, the main message of the circular is that video identification is now only reserved for banks.