More News
FINANCIAL SERVICES | Staff Reporter, Singapore
view(s)

MAS requires financial institutions to use innovative technology solutions

This is to facilitate safer customer on-boarding.

The Monetary Authority of Singapore (MAS) announced that financial institutions (FIs) are now required to use innovative technology solutions when on-boarding customers to prevent and stop money laundering or terrorism financing.

Aside from the non-face-to-face (NFTF) customer verification, MAS added biometric identification, real-time video conferencing, and the use of Public Key Infrastructure (PKI)-based credentials to secure digital signature as a way to protect against impersonation.

FIs can also use MyInfo2 for NFTF identification and verification, but they are not required to obtain additional documents and photographs from customers.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.