On 10th November 2020, the Monetary Authority of Singapore (“MAS”) published a consultation paper on the proposed Notice on Identity Verification (the “Notice”) which mandates the types of information financial institutions (“FIs”) must use to verify the identity of an individual for non-face-to-face contact. The objective is to address the risk of impersonation fraud arising from cyberattacks, scams, and theft and misuse of an individual’s personal particulars.
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