In the face of COVID-19, our daily life has rapidly changed. Social gatherings and schools are being cancelled and businesses start adopting work-from-home policy. By now many of us are quite used to social distancing and digital communication. The pandemic has accelerated the digitization of our daily experience, including client on-boarding. The unprecedented challenges brought to us by COVID-19 has impacted the normal operations of the anti-money laundering and combating the financing of terrorism as well.
Although the situation has become tough for businesses to onboard customers, the stringent regulatory measures remain the same. The spread of global pandemic has exposed the vulnerabilities of traditional customer onboarding, requiring face-to-face meetings and signing paper documents. Business are now facing demands to minimize in-human contact and to enhance your customer experience while keeping up the high AML and CFT standards.
In a recent official statement, FATF (Financial Action Task Force), the global standard-setter for anti-money laundering and countering the terrorist financing encouraged “the fullest use of responsible digital customer on-boarding and delivery of digital financial services in light of social distancing measures during the current COVID-19 pandemic.”
The FATF also reiterated “the benefits of trustworthy digital identity for improving the security, privacy and convenience of identifying people remotely for both onboarding and conducting transactions while also mitigating ML/TF risks” in the face of COVID-19 crisis.
To perform remote customer onboarding, finding a reliable Know Your Customer and AML screening service is a must. Argos KYC is specialized in digital customer onboarding, providing ready-to-use compliance solutions. To understand how we can assist you to onboard customers and to comply with AML regulations, please contact us at firstname.lastname@example.org.
FATF official statement: http://www.fatf-gafi.org/publications/fatfgeneral/documents/statement-covid-19.html
EU 5th Anti-Money Laundering Directives: https://argos-solutions.io/eu-5th-anti-money-laundering-directives/
AML Law Passed: South Korea Legalizes Cryptocurrency: https://argos-solutions.io/aml-law-passed-south-korea-legalizes-cryptocurrency/
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