Regulatory Alerts2018-01-08
Added
AMLD 01/2018: Use of MyInfo and CDD Measures for Non Face-to-Face Business Relations
The Monetary Authority of Singapore issued this circular to guide financial institutions on using the MyInfo platform as a verified source of identity information for customer onboarding. The regulator confirms that MyInfo data is sufficient for verifying key personal details, thereby exempting firms from collecting additional documents or photographs for enrolled customers. Additionally, the document clarifies acceptable non-face-to-face verification measures, such as real-time video conferences and biometric technologies, while mandating independent assessments for new technology solutions to mitigate impersonation risks.
Topics
kyc
privacy
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