Regulatory Alerts2020-04-28
Added · Updated
Circular on Due Diligence Procedures for Prepaid Card Service Customers (March 2020)
The document establishes mandatory due diligence procedures for banks and payment service providers regarding prepaid card customers, requiring identity verification through official documents such as national ID cards or passports. It mandates the identification of beneficial owners for corporate clients and small enterprises, specifying thresholds for verifying ownership structures and managing risks associated with politically exposed persons. The circular also outlines policies for customer acceptance, risk-based monitoring, and the use of third-party service providers for identity checks.