• FC-1.4 FC-1.4 Enhanced Customer Due Diligence: Non face-to-face Business and New Technologies

    • FC-1.4.1

      Licensees must establish specific procedures for verifying customer identity where no face-to-face contact takes place.

      October 2010

    • FC-1.4.2

      Where no face-to-face contact takes place, licensees must take additional measures (to those specified in Section FC-1.2), in order to mitigate the potentially higher risk associated with such business. In particular, licensees must take measures:

      (a) To ensure that the customer is the person they claim to be; and
      (b) To ensure that the address provided is genuinely the customer's.
      October 2010

    • FC-1.4.3

      There are a number of checks that can provide a licensee with a reasonable degree of assurance as to the authenticity of the applicant. They include:

      (a) Telephone contact with the applicant on an independently verified home or business number;
      (b) With the customer's consent, contacting an employer to confirm employment, via phone through a listed number or in writing; and
      (c) Salary details appearing on recent bank statements.
      October 2010

    • FC-1.4.4

      Financial services provided via post, telephone or internet pose greater challenges for customer identification and AML/CFT purposes. Licensees must establish procedures to prevent the misuse of technological developments in money laundering or terrorist financing schemes. Licensees must also ensure that they comply with any e-commerce laws and/or CBB Modules issued from time to time.

      October 2010