MONETARY AUTHORITY OF SINGAPORE CONSULTATION PAPER ON THE TYPES OF INFORMATION REQUIRED FOR NON-FACE-TO-FACE VERIFICATION OF AN INDIVIDUAL’S IDENTITY

On 10 November, a release on Mondo Visione advised that the  proposed requirements come against the backdrop of rising impersonation scam cases, and seek to address the risks arising from theft and misuse of an individual’s personal particulars.  It is proposed that it would be mandatory for a financial institution to use at least one of the several types of information for non-face-to-face verification, through channels such as phone banking or online banking, before it undertakes any transactions or request from an individual.  The consultation closes on 9 December.

https://mondovisione.com/media-and-resources/news/monetary-authority-of-singapore-consults-on-requirements-to-strengthen-financial/

The consultation paper is at –

https://www.mas.gov.sg/publications/consultations/2020/consultation-paper-on-notice-on-identity-verification

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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