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ConsultationandFeedbackStatementPSA-GuidanceNotesAmendmentwithe-KYC-OngoingMonitoringProvisions_1693510822.pdf

Here are the key points summarized:

Part II - General AML/CFT Guidance

  1. Digital ID systems and e-KYC: FSPs must ensure that records of identification data obtained through digital ID systems and e-KYC are easily accessible, maintained, and can be made available to competent authorities upon request.
  2. Video conference calls: The Authority expects licensees to document video conference calls, including time and date, email address, and other relevant details.

Part V - Guidance: Insurance Sector

  1. EDD for high-risk situations: Insurers must apply enhanced due diligence (EDD) in high-risk situations, such as when there is an identified high-risk factor accompanied by no face-to-face contact with the insurer.
  2. Situations requiring EDD: EDD will be required in situations where:
    • There is an identified high-risk factor accompanied by no face-to-face contact with the insurer.
    • The customer is a Politically Exposed Person (PEP).
    • The beneficiary of a policy can be transferred.
    • The customer is involved in a business that presents a high risk for ML/TF.

No amendments were required to the proposed measure.

Published: 2023-08-08 · Source: CIMA

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