Banks, Estonia, Financial Services, Good for Business, Innovations, Internet, Technology

"We will make opening a bank account easier and faster for everybody, including e-residents," Sester told  after signing the regulation. He added that the Ministry of Finance wants to make life easier, while retaining security necessary in the financial sector.

The new Money Laundering and Terrorist Financing Prevention Act was adopted in July. According to the amendment signed by the minister on Tuesday, a video bridge enabling to check a person's facial features against the photo on the ID and in the database of the Police and Border Guard Board may be used for identification and verification of identity. Besides an interview would be conducted with the person to determine his or her risk profile, including the person's background, origin of assets, and purpose of entry into a business relationship. The whole process will be recorded and the recording archived.

The service is meant for everyone holding an Estonian ID card, a digital ID or an e-resident's digital identity card.

In accordance with currently valid regulation, upon opening an account in a credit institution or a financial institution or upon the first use of another service by a person with whom a credit institution or a financial institution has no business relationship, the person participating in the transaction or using the service must be identified while being present at the same place as the person or the person's representative.

The amendment will leave it for the bank to decide whether to identify a person using electronic means or demand identification while being present at the same place as the person or the person's representative.