Regulatory Alerts2020-04-28
A circular dated March 2020 regarding due diligence procedures for prepaid card service customers
These are the due diligence procedures for prepaid card services issued in March 2002. The procedures outline the definition of the service, the scope of the procedures, the use of a service provider to identify and verify the identity of customers, the customer acceptance policy, and the identification and verification of customers. The procedures also cover the identification and verification of natural persons, small companies and establishments, the updating of data, continuous monitoring of operations, and the management of systems for money laundering and terrorist financing risks. The procedures include rules for transfers, both local and external, and the role of intermediary banks in the payment chain. The procedures also include a supplement on the management of risks of money laundering and terrorist financing for prepaid card services.