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AI news from Germany

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Summary

Germany takes a major step in client identification with a bill for automated AI identification, to combat money laundering.

24/10/2024

Germany has taken a big step in the area of innovation and client identification. This follows the submission of a legislative proposal for automated client identification using AI. This form of AI is being developed specifically to combat money laundering. For many firms, this will positively impact the efficiency of their KYC process.   

Current legislation requires client identification to be carried out with eID or remotely via live video interviews. If the proposal is passed, AI solutions could take over. In that case, the legislative proposal will be tested for two years, supervised by the Bundesamt für Sicherheit in der Informationstechnik (BSI). During this trial period, the security of both the new and traditional methods of client identification will also be tested.   

  

More information? Be sure to read the Freshfields article.   

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