New developments in the area of money laundering identification: cidaas welcomes the draft bill (Video Identification Ordinance) of the german Federal Ministry of Finance

The German Federal Ministry of Finance recently published a draft bill on money laundering identification through video identification (also know as: Video Identification Ordinance – Geldwäscheivideodentifizierungsverordnung – GwVideoIdentV). This draft represents a significant step in the right direction by creating the legal basis for the acceptance of innovative technologies.

cidaas ID Validator: Innovation in digital identity verification

The cidaas ID validator is a modern technology that enables people’s identities to be verified digitally and securely. In contrast to the classic VideoIdent process, this process is fully automated (AutoIdent) and does not require manual verification by humans. Instead, it relies on the latest methods of artificial intelligence. This offers the user the advantage of being able to carry out verification anytime and anywhere without being stuck in queues. Organizations benefit from the cost efficiency.

Challenges and opportunities of the new Video Identification Ordinance draft

Although there are discussions about the feasibility of all the requirements set out in the draft, it is clear that the coming weeks will be crucial in fine-tuning these details. We welcome the movement in the industry to encourage the use of new technologies and processes. We are particularly pleased to see the intended collaboration between technology companies, public authorities and financial service providers.

Future prospects: Strengthening digital security and efficiency

Transparent collaboration will make processes such as the cidaas ID validator even more secure. This strengthens the backing for software “made in Germany” and brings considerable benefits for both current and future customers and their end users. In particular, it will make processes in the complex environment of financial services simpler and more secure.

Contact us for further information

If you would like to find out more about the latest developments and our cidaas ID validator, please contact us.

In a detailed statement, we take a closer look at the draft bill.

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