Synaps Integrates Ubble's PVID-Certified Solution

Ubble's PVID-Certified solution via Synaps: A strategic choice

Opting for Ubble's PVID-certified solution via Synaps is a strategic choice for any entity required to comply with Article R561-5-2 of the Monetary and Financial Code. This integration offers two main advantages:

• Accessibility: You gain access to a PVID-certified solution regardless of your company size and enjoy attractive pricing from 1,000 annual identity verifications.

• Integration: Ubble's solution is pre-integrated into Synaps' identity verification process, ensuring a ready-to-use configuration without additional development efforts.

This collaboration between Ubble and Synaps creates a unique advantage: clients not only access a PVID-certified solution but also benefit from Synaps' compliance and risk management platform, designed to reduce fraud and assess risks during the onboarding of new clients.

Synaps' offering, integrating Ubble's solution, represents a sustainable and future-proof approach, ensuring advanced compliance with the market's most demanding standards. By opting for this PVID-certified solution, clients benefit from a guarantee of stability and longevity, eliminating the need to change systems for several years.

PVID: The reference for remote identity verification

The PVID standard (Remote Identity Verification Providers) has emerged in France as a robust solution in response to the growing demand for a reliable remote identification system.

Developed by ANSSI, the French National Agency for the Security of Information Systems, the PVID framework encompasses a comprehensive set of criteria for remote identity verification services, aiming to provide substantial or high levels of assurance. The goal is to offer a remote identification service as reliable as a face-to-face interaction.

Certified PVID providers are thus recognized for their ability to effectively mitigate fraud and cybercrime, and receive a security visa from ANSSI.

The compliance advantage of PVID-Certified services

Meeting the requirements of the european AML-CTF directive

The AML-CTF (Anti-Money Laundering and Counter-Terrorist Financing) directives of the European Union establish a regulatory framework designed to prevent financial crimes, such as money laundering and terrorist financing.

These directives continue to evolve to address the increasing risk of fraud. In 2022, identity fraud was designated by the Federal Trade Commission (FTC) as the most common form of fraud. According to a study by an independent body, this type of fraud resulted in estimated losses of 56 billion US dollars in 2021.

PVID-certified services, like those integrated by Synaps, ensure that businesses align with the regulatory requirements stipulated by the 5th and 6th Anti-Money Laundering Directives. This compliance is achieved through rigorous KYC (Know Your Customer) processes, confirming both the authenticity of identity documents and the legitimacy of their holders.

Complying with the french monetary and financial code

In France, the transposition of EU directives into the Monetary and Financial Code emphasizes the importance of thorough verification of client identities. This is the subject of Article R561-5-2.

For businesses operating within and beyond French borders, implementing a PVID-certified solution ensures compliance with these regulatory obligations. These solutions complement the AML-CTF framework of subject companies and simplify their compliance.

PVID: A compliance tool for which sectors?

The AML-CTF directives are not limited to traditional financial sectors. They extend to a multitude of industries, which are now mandated to engage in strict due diligence practices. Key affected sectors include:

• Financial Services: Banks, insurance companies, and online credit and gaming companies.

• Commercial Enterprises: Real estate, vehicle sales and rentals, and retail sectors.

• Charitable Organizations: Some non-profit organizations and charitable associations.

Moreover, the fifth AML-CTF directive has expanded the regulatory requirements to encompass:

• Cryptocurrency exchanges and wallet providers.

• Prepaid card providers.

• Markets involving high-value transactions, such as art sales.

These directives aim to strengthen the integrity of various economic activities by preventing the exploitation of these sectors for money laundering or terrorist financing.

Test our solution

Synaps' partnership with Ubble provides our clients with the assurance of a PVID-certified identity verification solution coupled with access to our risk management platform. This is an opportunity to benefit from a solution compliant with the latest French and European regulatory standards, and to facilitate the work of your compliance and risk teams.