Regulatory Alerts2022-05-17
Added · Updated
Explanatory Note on the Amended Identity Verification Code of Practice 2013
This Explanatory Note clarifies electronic identity verification requirements for reporting entities under the Amended Identity Verification Code of Practice 2013. It outlines two compliant methods: using a single source with biometric-level confidence or two reliable, independent, and matching sources. The document further details supplementary measures for deficient processes and explains the voluntary nature of codes of practice within the AML/CFT regime.