Bai-Tushum Bank specialists inform on remote identification of banking clients

On March 27, in preparation for the meeting of the IBC Financial Market Committee, representatives of the Bai-Tushum Bank informed on the remote identification of banking clients.

The ability to remotely identify a client (collecting all the necessary information about the client) and sending documents through digital channels without visiting the bank’s offices will increase the penetration of financial services in the country. For example, in Germany, Switzerland, remote identification via video link is allowed by law.

The FATF mentioned a reduction in the role of identification using traditional identity documents. Passport data doesn’t tell us much about whether a client is laundering money or not. New technologies for analyzing hundreds of different factors, from the amount of the operation to the place of its commission, make it possible to more effectively identify and stop illegal activities.

Following the meeting, it was decided to bring this issue to the next meeting of the IBC Financial Market Committee, as well as to conduct a detailed analysis of the regulatory legal framework in order to make the necessary amendments to the regulatory legal acts. The meeting participants also decided to invite NBKR representatives to the IBC committee meeting to familiarize themselves with the bank’s position.