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IDnow publishes Regulatory Handbook for FinTechs
IDnow has published its first handbook for FinTechs: The “Handbook FinTech Regulations 2020 – How to balance customer experience with increasing AML requirements”. As an expert in regulatory matters and a leading supplier of Identity-Verification-as-a-Service solutions, IDnow works for more than 250 customers, including numerous FinTechs such as N26, Solaris Bank, Fidor, Wefox and Bitpanda.
The regulatory requirements for FinTechs in the field of KYC (Know Your Customer) differ greatly. In addition to geographic differences, there are also numerous industry-specific idiosyncrasies within legal provisions. To give companies in all subsectors and countries an overview, IDnow has published the “Handbook FinTech Regulations 2020.”
“FinTechs find themselves in a unique situation in terms of regulations”, said Alexis Segovia, Head of FinTech Relations at IDnow. “There are different business models across different sectors, but in most cases the same rules apply as for traditional financial institutions. Dedicated legislation for FinTechs does not yet exist. This sometimes makes it complicated.”
IDnow works with customers in all areas of the FinTech industry and is familiar with the complexities these companies face: “The handbook aims to give companies from the entire FinTech ecosystem an overview of which regulations apply to them and which possibilities of a digital KYC solution can be used in their home and target markets. We at IDnow want to support these companies with our wealth of experience, because we know how complex regulatory requirements are in this specific market”, elaborated Alexis Segovia.
Since 2014, IDnow has been operating in the European market and is an expert in KYC solutions. With their Identity-Verification-as-a-Service platform, IDnow offers companies from different industries secure and simple solutions for identity verification.
