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Regulatory Body Relaxes Identification Document Requirements

In a move aimed at enhancing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, the regulatory body has relaxed identification document requirements for financial institutions and other reporting persons.

Acceptance of Alternative Documents

According to new regulations issued by the regulatory body, customers who are not citizens or residents of the United Republic may be accepted with alternative identification documents under exceptional circumstances. These include:

• Customers who cannot obtain a national identity card due to existing laws
• Customers who have not yet reached the permissible age
• Customers whose national identity cards are lost (with a police loss report)

Additionally, customers classified as low-risk in money laundering, terrorist financing, and proliferation financing risk assessments may also be accepted with alternative identification documents.

Enhanced Due Diligence Measures

The regulatory body emphasized that reporting persons must continue to monitor business relationships with customers and ensure that their information is regularly updated based on the customer’s AML/CFT risk profile. This includes:

• Registration documents must be renewed in a timely manner and not expired
• Accounts will be suspended if identification documents or entity registration documents have expired, until the relevant document is renewed or an alternative acceptable document is provided

Reporting persons are also required to establish internal procedures for ensuring compliance with AML/CFT requirements. These procedures should include:

• Step-by-step guidelines for employees when establishing business relationships with customers
• Verification of customer information and updating customer records

In cases where there is a high risk of money laundering, terrorist financing, or proliferation financing, reporting persons must establish enhanced due diligence measures and ongoing monitoring.

Objectives of the Regulations

The regulations aim to enhance the effectiveness of AML/CFT measures and protect the financial system from illicit activities. By relaxing identification document requirements, the regulatory body aims to ensure that financial institutions can continue to operate efficiently while still maintaining robust AML/CFT controls.