Recent revisions in August 2017 to anti money laundering and counter financing of terrorism laws have been made to align customer due diligence procedures, including customer identification procedures, undertaken by financial entities, with mandatory international standards and requirements.

These revisions require two pieces of identification to be presented by customers when transacting business with financial entities for the first time; one piece of identification for identification of the customer and the second piece for verification of identity. However, the institution may utilize discretion in cases where a customer does not have two pieces of identification and may accept one piece.

The Financial Intelligence Unit (FIU) said today that it has come to the attention of the agency that these requirements are onerous to the customers of financial entities who are unable to supply or provide two pieces of identification.

The FIU wishes to clarify that in such circumstances, the financial entities would be able to, on a case by case basis, accept one piece of identification. Allowing or permitting one piece of identification in this circumstance will not result in a breach of the law.

The FIU further wishes to emphasize that while the standard is for two pieces of identification to be presented, the risk profile and context of the customer must be simultaneously taken into account and the FIU will continue to work along with institutions affected by the law, such as Money Remitters, to ensure that the application of the law does not hinder business services to customers.



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