Verimi is regulated payment institution for MLA compliant identification

• Verimi is now a regulated payment institution under the German Payment Services Supervision Act (ZAG).

• The German Federal Financial Supervisory Authority (BaFin) awards Verimi the ZAG license after a successful audit.

• Verimi can henceforth accept, store and pass on AMLA-compliant identities

Berlin, 14.02.2019. Identity platform Verimi is pushing ahead with the expansion of its service and fulfilling a crucial regulatory requirement. The financial regulator BaFin grants Verimi permission to provide services as a payment institution in accordance with the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz, ZAG). Verimi thus offers another high-quality and secure identification procedure. Users can transfer their identity deposited with a bank to the Verimi platform.

Verimi can accept, store and transfer existing AMLA compliant identities of bank customers through the ZAG license. Thus, the bank customer and Verimi user has the possibility to transfer his already verified identity into the Verimi platform or to legitimize himself at Verimi according to the German Money Laundering Act (GwG). Once an identity has been verified at Verimi in compliance with the GwG, the user can, for example, use it at another bank or insurer to open a new bank account or securities account without media disruption and in compliance with the requirements of the GwG.

“Receiving the ZAG license just under a year after Verimi’s launch represents an important milestone for us. As a payment institution, Verimi is expanding its network of trust and is a reliable partner for banks and insurance companies, but also for other providers to whom we can offer identity data of the highest quality together with our secure and universal login,” says Roland Adrian, spokesman for the management of Verimi.