Financial Crime World

System for Reviewing Customer Information and ID Card Verification

Overview

The System for Reviewing Customer Information and ID Card Verification is a regulatory framework implemented by the Bank of Thailand (BOT) to ensure proper verification of customer identification information and documents, particularly in relation to account openings and money acceptance.

Key Components

  • Smart ID Cards: Smart ID cards are used for natural persons or representatives of juristic persons as part of the verification process.
  • Fingerprint Authentication System: Fingerprint authentication is an additional layer of verification to ensure accuracy of customer identification information.
  • Customer Verification Approach: Financial institutions must implement a customer verification approach that includes smart ID cards and fingerprint authentication, as well as other measures such as submitting additional identification documents.

Compliance Requirements

Financial institutions are required to comply with the following:

Compliance Obligations

  • If they cannot comply with the prescribed customer verification approach, they must manage related risks appropriately and prudently.
  • They must explicitly set out guidelines and procedures for this in writing.
  • For opening accounts through electronic channels, financial institutions must require customers to open accounts on a face-to-face basis.

Approval Requirements

  • If they wish to use any other approach or technology for verifying identification information and documents apart from those specified above, they must submit an application for prior approval to the Financial Institution Applications Department.

Transitory Provisions

The notification includes transitory provisions that allow financial institutions to continue using their current practices until a certain date. However, from 31 December 2016, they must use the verification approach as prescribed in Clause 5.3.2.1, except for certain circumstances deemed necessary by the Bank of Thailand.

Effective Date

This notification came into force on 7 July 2016.