Entire section Custom print Link Text Only Rich Text Print
  Versions

 

FC-1.4.12

Conventional bank licensees using its digital ID application must establish and implement an approved policy which lays down the governance, control mechanisms, systems and procedures for the CDD which include:

(a) A description of the nature of products and services for which customer due diligence may be conducted through video conferencing or equivalent electronic means;
(b) A description of the systems, controls and IT infrastructure planned to be used;
(c) Governance mechanism related to this activity;
(d) Specially trained personnel with sufficient level of seniority; and
(e) Record keeping arrangements for electronic records to be maintained and the relative audit trail.
Added: January 2022