Regulatory Alerts2017-10-11
Added · Updated
Guideline on Anti-Money Laundering and Counter-Terrorist Financing – Address Verification Requirements
The regulator amends the AML Guideline to mandate that financial institutions collect residential addresses for individual customers and beneficial owners while repealing the requirement to verify permanent addresses. The changes also require the collection of registered and principal business addresses for corporate customers and remove specific verification methods and timeframes for identity verification. These updates streamline address collection obligations by eliminating repealed paragraphs regarding trust trustee addresses, high-risk party verification, and detailed document lists.