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You can, at the same time, verify a person's identity upon opening the account, as you mentioned with documents, and use a TOTP MFA instead of SIM-based authent
by afh1 2y ago
You can, at the same time, verify a person's identity upon opening the account, as you mentioned with documents, and use a TOTP MFA instead of SIM-based authentication. If regulators require SIM-based authn, then it's just bad policy, which should come to no one's surprise when it comes to government regulation. Finally, KYC is for the IRS. The illusion of safety makes a good selling point, though.
- _DeadFred_ 2y agoUS regulators don't normally specify down to 'require SIM-based authn'. Instead they give vague directives that companies have to determine their own implementation for meeting. And the implementation needs to be blessed by corporate AND insurance company lawyers, which too often ends up meaning those lawyers dictate the implementation.