Cost-Effective Solution of Electronic KYC CDD On-boarding & Business Continuity for COVID Pandemic

Cost-Effective Solution

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During this uncertainty of business re-opening due to COVID Pandemic, home office is more often, and digital services are in greater demand than ever before. Many clients serving currently must switch to digital services due to nationwide curfews, for COVID controls, which increases the pressure on companies to digitize processes. Business Continuity. It is important to provide a safe and healthy environment for your employees/licensed representatives and ensure business continuity in service of both individual and institutional, and professional investors. We have taken extra precautionary measures and have a comprehensive Business Continuity Plan ready for all potential scenarios during travel restriction by providing our eKYC service. Payment Asia eKYC is the Cost-Effective Solution and it’s offers easy and fast remote onboarding, with sight of the SFC latest requirements (note 1), which is a completely digital process for customer verification with the highest security standards. With Payment Asia eKYC solutions, people can open a bank account, provide a signature, or apply for a brokerage account, simply, quickly and from home. The pressure on account opening operational resources can be optimistically minimized with the automated process. The feedbacks from clients are positive and we are pleased to offer the following features. With this premiere eKYC, you will be able to: –

On board client electronically and serve clients worldwide when physical travel is limited
Save back office course and the licensing fee of client facing on-boarding staff costs
Have your client on-boarding 7/24 as system is active for your global clients’ needs

Facilitate work from home arrangementsNote 1: – On 28 June 2019, the SFC published two circulars titled “Amendments to paragraph 5.1 of the Code of Conduct” and “Remote onboarding of overseas individual clients” announcing an amendment to paragraph 5.1 of the Code of Conduct (Circulars). The amendments took effect on 5 July 2019. The intention of the SFC in the Circulars is to offer more flexibility and efficiency for client onboarding without comprising the intermediaries’ KYC obligations under paragraph 5.1 of the Code of Conduct, particularly in light of the increasing popularity of electronic transactions and financial technology (fintech) as well as the general transition of other business activities to online platforms.

Fitting to the Regulator’s requirements – our eKYC features: Identity Document Authentication

Access the embedded data in the client’s official identification document (ID Document) such as a biometric passport or an identity card, or obtain an electronic copy of the relevant sections of the ID Document, including high-quality photograph of the client

Authenticate the ID Document through, for instance, checking the security features of the ID Document or verifying the data against a reliable and independent source. By way of example, in the case of a biometric passport, intermediaries may obtain a searchable scan of the data page and check the data against the client’s personal information stored in a chip in the passport

Obtain prior consent and authorisation from the client and ensure confidentiality protection measures are in place before engaging third parties to carry out account opening procedures

Identity Verification

Match the authenticated data obtained from the ID Document authentication process against the client’s biometric data

Implement safeguards to protect the client’s biometric data against presentation attacks such as biometric spoofing

Execution of Client Agreements

Our feature enables the intermediary to obtain a Client Agreement signed by the client by way of an electronic signature

Record Keeping

Intermediaries should maintain proper records for each client’s account opening process, and these should be readily accessible for compliance checking and audit purposes. Payment Asia eKYC enables all records and data to be stored permanently online

IT and Authorisation Security

If a third party is engaged to carry out account opening procedures involving clients’ personal information, prior electronic consent and authorisation are required from the client

Electronic 2FAs protection measures should be put in place to ensure the security and confidentiality of their personal information

Author: Products Development Team, Payment Asia

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