FINMA adopts partially revised Circular 2016/7 “Video and online identification”
RegCanary analysis of a FINMA publication
Why it matters
RegCanary's analysis of what this means for regulated firms.
For compliance teams, the change is not a wholesale rewrite but a clear signal that remote onboarding controls must remain robust as digital identity tools evolve. Firms should treat this as a prompt to re-assess identification workflows, vendor dependencies, and AML/KYC documentation. The revised circular may permit or encourage greater use of electronic identity credentials once the E-ID Act is in force, potentially reducing onboarding friction and manual checks.
However, supervisors will expect equivalent assurance on authenticity, liveness, and record-keeping. Key actions: conduct a gap analysis against the revised circular; update policies, procedures, and training; validate video/online ID solutions and third-party providers; and prepare a roadmap for E-ID integration. Smaller firms may need extra support, while larger groups can leverage existing RegTech investments.
Overall impact is moderate but strategically relevant for Swiss and cross-border firms onboarding clients remotely. Budget and resource planning should begin now to avoid last-minute remediation.
Who this affects
Sectors and firm types identified in the analysis.
- General Regulation
Source
FINMA
Original publication, 8 October 2026
Read the original publication finma.chThis is RegCanary's analysis, not the regulator's text. It summarises and interprets the publication above; it is not the FINMA's original wording, and it is not legal advice. Always rely on the original source.
