New solution Auto-ID GwG (Money Laundry Act) is legally secure and compliant with the GwG // Companies can integrate the joint development of SCHUFA, finAPI, Widas and Bank-Verlag via the SCHUFA myConnect hub

New solution Auto-ID GwG (Money Laundry Act) is legally secure and compliant with the GwG // Companies can integrate the joint development of SCHUFA, finAPI, Widas and Bank-Verlag via the SCHUFA myConnect hub.

Together with the cooperation partners Widas ID GmbH, Bank-Verlag GmbH and finAPI GmbH (Red.: owned by Yapily), SCHUFA Holding AG is now offering a new and secure solution that enables fully digital conclusions of contracts. The AMLA (Anti Money Laundry Act) -compliant identification procedure based on a qualified, electronic signature (QeS) meets all legal and security requirements. The Auto-ID GwG (MLA) solution can be obtained via SCHUFA’s myConnect hub, the service platform for digital onboarding processes.

“Whether opening a current account, a custody account, taking out insurance or a telecommunications contract: customers today expect convenient and user-friendly solutions that save them having to go to the bank branch or make an appointment with insurance agents and enable contracts to be concluded completely digitally,” says Stephan Peters , expert in identity and fraud prevention at SCHUFA, who developed the solution together with the cooperation partners.

Financial and insurance products in particular have special legal requirements for security and fraud prevention – in the interest of customers and providers. Identification procedures via video for digital contract conclusions already exist, but there are concerns about the security of these procedures.

Process meets the highest security and compliance requirements

Based on the cidaas Auto-Ident procedure, a service of Widas ID GmbH, SCHUFA and its partners have now developed an innovative identification procedure that enables digital contracts to be concluded with a qualified signature and meets the highest security and compliance requirements. The multi-stage procedure was checked by the SRC GmbH – a German conformity assessment body. The requirements for digital identification from the Money Laundering Act (GwG) are fully met.

Increase potential for conclusions of contracts, optimize processes cost-effectively

For companies from the finance and insurance sectors as well as from e-commerce, the solution brings numerous advantages from which consumers also benefit. These are:

– The fully digital process is extremely user-friendly.

– The dropout rate for digital contracts is very low.

– The solution is innovative and cost-effective.

– The solution can be easily integrated into web and mobile applications without a separate app download.

The myConnect hub also offers numerous other options for companies to optimize new customer onboarding, choose services freely and integrate them technically easily into existing processes. All steps – from identification to signing the contract – are fully digitally integrated via the SCHUFA platform solution.

A solution “Made in Germany”

With the Auto-ID AMLA, a procedure developed and operated entirely in Germany is available for the first time, which generates a qualified signature on the basis of a modern Auto-Ident check (without an app download). All cooperation partners have contributed their expertise to the expansion of this innovative process to MLA compliance:

The Bank-Verlag – as a qualified eIDAS trust service approved by the Federal Network Agency – creates the legally compliant qualified electronic signature (QeS) for the digital contract conclusion with this solution based on cidaas and thus creates in connection with the reference transfer carried out by the BaFin-licensed payment initiation service finAPI the prerequisite for AMLA-compliant identification.

Source: SCHUFA        

Schufa is a member of BIIA