Global FinTech Guide
Country Name
FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

The climate towards providing identification services is positive and FINMA amended its Circular Letter 2016/07 on client onboarding via digital channels several times in the recent years in order to take account of technological developments. 

Legal affairs

Obligations and requirements to provide identification services

The electronic identification process is regulated for banks and financial intermediaries with view to the AMLA. FINMA has specified in its Circular 2017/07 the due diligence requirements of the anti-money laundering legislation when entering into business relationships via electronic channels (i.e. electronic onboarding). FINMA in particular specifies the requirements for the video- and online-based identification process of new customers of banks and financial intermediaries. 

Such services may be outsourced to a third party that needs to have the professional knowledge and technical means for such services. Nevertheless, the bank and financial intermediary remains responsible for the compliance with the relevant anti-money laundering provisions and has to ensure and supervise the third party rendering such services. No specific license requirements are triggered for the third-party service provider.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for identification services and biggest companies in this business area

No reliable data are available for the market in Switzerland.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area




© 2022, Bratschi Ltd. All rights reserved by Bratschi Ltd as author and the owner of the copyright in this chapter. Bratschi Ltd has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


Choose country