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Exposure draft for Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) - Money Services Business (Sector 3) (Supplementary Document No. 1)

Release Date: 28 Sep 2017

This exposure draft outlines the proposed minimum requirements and standards that an approved remittance service provider must observe in implementing electronic Know Your Customer (e-KYC) in carrying on remittance business through online or mobile channels for the on-boarding process. This is to ensure effective and robust Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) control measures and systems that safeguard the safety and integrity for the provision of online and mobile remittance services are in place.

The Bank invites written feedback and comments on this exposure draft. Please support each comment with a clear rationale and accompanying evidence or illustration, as appropriate.

In addition to providing general feedback, reporting institutions are requested to respond to the specific question set out in this paper.

Responses must be submitted by 20 October 2017.

Details can be found in the following document:

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