FC-1.4 FC-1.4 Enhanced Customer Due Diligence: Non face-to-face Business and New Technologies
Licenseesmust establish specific procedures for verifying customer identity where no face-to-face contact takes place.October 2010
Where no face-to-face contact takes place,
licenseesmust 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, licenseesmust 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
There are a number of checks that can provide a
licenseewith 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
Financial services provided via post, telephone or internet pose greater challenges for customer identification and AML/CFT purposes.
Licenseesmust establish procedures to prevent the misuse of technological developments in money laundering or terrorist financing schemes. Licenseesmust also ensure that they comply with any e-commerce laws and/or CBB Modules issued from time to time.October 2010