FCMC has developed recommendations on non-face-to-face customer identification

25.02.2022
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The Financial and Capital Market Commission (FCMC) has formulated Recommendations for non-face-to-face customer identification (hereafter – the Recommendations) with a view to providing financial institutions with an explanation of non-face-to-face customer identification process and binding requirements, thereby assisting the institutions in managing the risks specific to non-face-to-face identification and promoting a wider use of adequate non-face-to-face customer identification in the customer due diligence process.

The Recommendations drawn up by summarising the findings in the supervisory process of financial capital market participants by the FCMC in relation to customer non-face-to-face identification, as well as recommendations of international organisations.

The objectives of the Recommendations are to explain the process of non-face-to-face customer identification to the financial institutions and support the performance of non-face-to-face customer identification, providing appropriate examples. The Recommendations are developed in view of risk-based approach and appropriate customer due diligence measures to be taken, thereby preventing future involvement of financial institutions in money laundering and terrorism and proliferation financing or attempted involvement in such activities.

It is expected that applying the Recommendations will enable the institutions to perform non-face-to-face customer identification more effectively, to address the related problems, and to identify and manage the risks associated with this process.

The Recommendations are published in the Official Gazette of the Republic of Latvia (in Latvian).

 

Further information:
Dace Jansone
Head of Communications Division
Financial and Capital Market Commission
Phone: +37167774808
E-mail: dace.jansone@fktk.lv

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