Important Measures
FSC invited banks to discuss matters related to updating of customer data for anti-money laundering
2019-02-14
1.Financial institutions should invite customers to update their data in accordance with risk profiles and in batches, offer sufficient time for customers to prepare documents, and offer various channels for customers including phone, fax, internet, mail or at the counter to make updating of data easier.
2.For customers who cannot provide updated data on time, the related control measures of financial institutions should be proportionate, for example, allowing customers to maintain low-risk transactions and keeping their accounts as normal.
3.As for accounts that have been idle for a long period of time or have balance below a certain threshold, financial institutions should provide customers with information about how to easily close their accounts for their choices. As for the questions frequently asked by customers, financial institutions should post Frequently Asked Questions on their websites to clarify those questions for customers.
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- Update: 2019-02-14