France: ACPR Publishes Proposals to Improve Remote Client Onboarding Identity Verification

On September 23, 2019, the French Prudential Supervision and Resolution Authority (ACPR) released a report from a working group called “Forum Fintech ACPR-AMF”, made up of representatives of professional federations, banks, public authorities and identity verification service providers. 

The working group's aim was to establish an analysis of the difficulties of financial institutions regarding remote client onboarding and to evaluate the possible solutions in consideration of money laundering and terrorist financing risks. 

The report notes the following issues: 

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