Regulatory Alerts2014-07-15
Added
Opening of Bank Accounts via the Internet
Proper Conduct of Banking Business Directive 418 establishes alternative identification documents and procedures for opening bank accounts online, as defined in Sections 7–9. The Directive imposes quantitative limits on online account activities and additional restrictions, such as on issuing checkbooks, under Sections 11–13. Banking corporations and credit card companies must ensure that preconditions for opening accounts and restrictions on managing them remain in place until the customer’s full identification is completed, pursuant to Section 14. This Circular takes effect from the date of its publication.