Regulatory Alerts2022-02-08
Added
MAS Circular AMLD 01/2022 on Non-Face-to-Face Customer Due Diligence Measures
The Monetary Authority of Singapore issues this circular to provide supervisory guidance on mitigating impersonation and fraud risks when financial institutions conduct customer due diligence remotely. It outlines industry good practices for verifying identities via video-conferencing, Myinfo, and new technologies such as biometrics and liveness detection, while mandating additional checks for high-risk accounts. Financial institutions are required to conduct internal assessments of technology solutions, ensure board approval, and maintain effective oversight to address residual risks associated with non-face-to-face onboarding.