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FINANCIAL SERVICES | Staff Reporter, Singapore

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.

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