The Cyprus Securities and Exchange Commission (CySEC) today published a Policy Statement on the enhancement of the non-face-to-face customer onboarding process with electronic methods to outline its new rules on digital onboarding.
Obliged Entities within the meaning of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (Obliged Entities), may use remote onboarding solutions for the verification of identity of non-face-to-face customers, in accordance with a risk based approach.
These entities must carry out a risk assessment, prior to using remote onboarding solutions and notify the intention of such use to CySEC in advance.
A new term is introduced, namely that of ‘identification document’ extending the scope of acceptable documents beyond reliance solely on passports.
The obligation to collect documents confirming the address of the customer is maintained. However, the confirmation of address when collecting copies of such original documents through remote onboarding solutions is now enabled.
Queries in relation to the content of this Policy Statement may be addressed to the Policy Department of CySEC at policy@cysec.gov.cy
