Non Face-to-Face KYC
Many financial institutions, including companies licensed under the Payment Services Act, are required by the Monetary Authority of Singapore (the “MAS”) to appoint an external auditor or independent qualified consultant to assess the effectiveness of its non-face-to-face KYC policies, procedures, and any technology solutions used to help manage impersonation risks. The requirement includes an obligation for the consultant to submit the report of the assessment to the MAS. For further information about this requirement, please click here.
We assist financial institutions in reviewing their non-face-to-face KYC procedures as well as issuing the requisite report to the MAS.
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*HM is not a law firm and neither it nor its personnel may act as an advocate or solicitor for purposes of the Singapore Legal Profession Act. HM is a Singapore-headquartered management consulting firm.
HM operates under three brands: HM Strategy, HM Compliance and HM Counsel. HM Compliance offers Singapore compliance services, including outsourced compliance, MAS licensing services, ad hoc advisory and consulting services, corporate governance advisory, ESG consulting, training and internal audit. HM launched as a Singapore compliance consultancy in 2018. HM Strategy offers regulatory and management strategy advice to Boards of Directors and senior management as well as risk management consulting. HM Counsel offers in-house counsel services.