Europe has the KYC (know your customer) and AML (anti-money laundering) regulations.
To satisfy KYC/AML, providers of financial services on apps thus ask to see photo id and pair this with a photo taken by the app itself.
I'm not fully across the KYC loopholes, but it seems like this would make fulfilling the regulations very difficult or potentially impossible as the required identification options needed to satisfy KYC each include a headshot.
To satisfy KYC/AML, providers of financial services on apps thus ask to see photo id and pair this with a photo taken by the app itself.
I'm not fully across the KYC loopholes, but it seems like this would make fulfilling the regulations very difficult or potentially impossible as the required identification options needed to satisfy KYC each include a headshot.
https://www.ecb.europa.eu/paym/groups/pdf/dimcg/ecb.dimcg210...