Hopae launches eIDAS 2.0, AMLR onboarding readiness tool

Hopae has launched a free self-assessment tool to help financial institutions offering customer onboarding and identity verification to evaluate their readiness for the EU’s eIDAS 2.0 and the Anti-Money Laundering Regulation (AMLR).

The tool asks users six questions and returns a compliance readiness score on a scale of 0 to 100 in just two minutes. Companies can receive an action plan and an estimate of potential conversion uplift based on the institution’s customer drop-off rate, according to the digital identity infrastructure firm.

The release comes as financial firms face tightening deadlines around the two major regulatory frameworks. Both require banks, payment institutions, telecoms and insurers to update their customer verification procedures by the end of 2027.

The eIDAS 2.0 introduces the European Digital Identity (EUDI) Wallet which must be accepted by companies especially in banking, telecom, and digital platforms, for KYC and onboarding by late 2027.

The AMLR, on the other hand, introduces a harmonized approach to preventing money laundering and terrorist financing across EU member states, including defining which identification methods can financial institutions use. Among them are three methods which must meet substantial or high assurance levels as defined by EU technical standards: the EUDI Wallets, electronic identification (eID) systems and Qualified Trust Services.

The regulation is due to come into force on July 10th, 2027.

Last year, South Korean Hopae announced a strategic expansion into the EU, earmarking €5M (US$5.7 million) to strengthen its presence on the continent. Hopae’s main pitch is building an intermediary platform that can help unify different electronic identity (eID) and digital ID wallet schemes

The company has so far made deals with partners such as biometric authentication firm 1Kosmos and Luxembourg-based consultancy Datai.

Article Topics

AML  |  digital ID  |  e-ID  |  eIDAS  |  EU AMLR  |  Hopae  |  onboarding  |  regulation