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.
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