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Digital Identity, Security & Online Fraud

iSignthis receives legal advice for operating in the US

Thursday 10 September 2015 | 12:29 PM CET

iSignthis has received legal advice for the company’s automated Know Your Customer (KYC) services to be used by financial institutions in the US.

Specifically, the company sought advice regarding the ability for US banks and other financial institutions to use the company’s digital KYC services to satisfy US anti-money laundering (AML) and counter terrorism funding (CTF) requirements under the Bank Secrecy Act (BSA) and the USA Patriot Act.

The was provided by independent US lawyers confirmed that it was reasonable for US financial institutions to use iSignthis KYC services in order to fulfil key customer identification and verification requirements.

As part of their review, the legal review also confirmed that data obtained from foreign regulated financial institutions by the company using its patented process could be used for identity verification under US AML requirements to satisfy their CIP.

iSignthis provides a global and remote evidence of identity and transaction authentication solution, assisting clients in adhering to global AML/CTF KYC and payment regulations.

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