In Part 1 of our series exploring the wide footprint of the eIDAS regulation, we looked things like PSD2, the European Citizen’s Initiative and the eHealth Governance Initiative. However, these are just a few examples of the many applications of the eIDAS mechanisms. In this part, we look at some other interesting applications including Social Security and the prevention of Money Laundering.

AML5 - 5th Anti Money Laundering Directive

Anti-Money Laundering efforts play a pivotal role in hindering criminal and terrorist activities at various levels. One of the major challenges here is the need for continuous monitoring of transactions for suspicious activity without affecting customer experience.

The tools provided by eIDAS go a long way in ensuring better compliance with AML Directives. This improves the experience for the customer, reduces the cost for the banks and meets the requirements of the regulators – all in one fell swoop. eIDAS enabled tools ensure that money laundering, terror financing and other such actives can be detected early and with more accuracy and less effort.

SUP - Directive on single-member private limited liability companies

This directive, as the name suggests, covers entities which have only a sole member which might be the case due to all the shares eventually being held by a single person or something that was decided at inception. Relevant records of such a person have to be kept as per regulatory requirements. This is where eIDAS comes into play yet again by providing a pan-European electronic identification/ authentication mechanism.

ESSN - European Social Security Number

There has been a marked increase in labor mobility across the EU. This necessitates the creation of a system that can protect the social rights of all individuals moving across national borders. The ESSN aims to modernize the way social security is managed across Europe. The idea is to build a system which is able to identify European citizens across national borders for the purpose of social security coordination and service delivery. ESSN would rely very heavily on the digital approach and eIDAS once again plays a pivotal role in enabling this system. eIDAS has been designed to allow for cross border use of electronic IDs and such features would be greatly leveraged by the ESSN initiative.

Conclusion

From healthcare to governance and from payments to social security, eIDAS has a key role to play in almost every digital service delivery initiative. It provides powerful and secure tools that can be used by the government, as well as private and public-sector entities to provide the level of service that European citizens have come to expect.

By standardizing the best practices for identification and authentication under eIDAS, the European Commission has eliminated the need for this issue to be grappled with when planning each individual project. This “building block” approach has definitely led to faster implementation and roll out of various EU initiatives.

 

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References and Further Reading

 Image: Formula One, courtesy of  Srikrishna Narasimhan , Flickr (CC BY 2.0) enhanced with the eIDAS letters by VentureSkies

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