Regulatory Alerts2025-07-25 | BPRD Circular No. 01 of 2025Added · Updated
Revisions in Existing Instructions Post Issuance of the Consolidated Customer Onboarding Framework
The document supersedes nine specific prior frameworks and guidelines, including those for digital onboarding, Asaan accounts, and non-resident accounts, while modifying customer onboarding provisions in the Branchless Banking Regulations and biometric technology FAQs. It amends Regulation-2 of the AML/CFT/CPF Regulations to require that customer due diligence identification and verification processes, including beneficial owner checks, adhere strictly to the Consolidated Customer Onboarding Framework rather than previous annexures. Additionally, Regulation-3 is updated to mandate that reliance on third-party financial institutions for CDD measures follows the new consolidated framework, and Annexure-II is deleted while a new Annexure-I defining information for occasional customers is introduced.