The European 5th Money Laundering Directive introduces new limits on the values that can be loaded onto anonymous e-money cards. As many of our customers want the flexibility to exceed these values we have introduced new products, One4all Chip & PIN (and Digital reloadable) which facilitate higher values by being non-anonymous.
We looked at the requirements and options to collect and obtain sufficient customer information to meet our obligations under the legislation and selected the ID-Pal solution of a “selfie” with photo ID combination to collect the information required with the least effort for our customers. This process takes just a few minutes and all data is securely held in line with GDPR requirements.
This process enables One4all to provide higher value cards that comply with all anti-money laundering regulations. It also provides additional security for our cardholders to protect you against fraud, including SMS text checks for certain online transactions. This solution meets all requirements to ensure a high level of security for processing personal data.