I can imagine that there is a law which mandates that you make sure to know with whom you are dealing. And looking at their ID would be an appropriate way to do that.
Identifying someone by receiving a photo of an ID would be absurd. As that very act makes the photo of the ID not able to identify someone anymore. As everyone who receives a photo can now also "identify" as that person.
And looking at their ID would be an appropriate way to do that.
How does that work for companies like Wise, which don't have a nation wide branch network?
Identifying someone by receiving a photo of an ID would be absurd. As that very act makes the photo of the ID not able to identify someone anymore. As everyone who receives a photo can now also "identify" as that person.
That's why KYC verifications have been increasingly moving to picture of ID + video.
So I still think there is no law that mandates forcing users to send copies of their ID over the wire.
In this particular circumstance though, that's a distinction without a difference. If you're a customer of wise (or any other financial institution that doesn't have a retail presence), KYC laws basically mandate that you upload your documents, because there's no alternative.
Comments
AML/KYC laws mandate that they "blackmail" you into giving your ID, otherwise they risk being prosecuted for failing to comply.
Define "giving your ID".
I can imagine that there is a law which mandates that you make sure to know with whom you are dealing. And looking at their ID would be an appropriate way to do that.
Identifying someone by receiving a photo of an ID would be absurd. As that very act makes the photo of the ID not able to identify someone anymore. As everyone who receives a photo can now also "identify" as that person.
How does that work for companies like Wise, which don't have a nation wide branch network?
That's why KYC verifications have been increasingly moving to picture of ID + video.
So I still think there is no law that mandates forcing users to send copies of their ID over the wire.
In this particular circumstance though, that's a distinction without a difference. If you're a customer of wise (or any other financial institution that doesn't have a retail presence), KYC laws basically mandate that you upload your documents, because there's no alternative.