You can see the rules and regulations in other jurisdictions.
In compliance with know your customer (KYC) and AML/CTF obligations, financial services providers are permitted to conduct fully digitised client onboarding. The AML/CTF Rules allow electronic verification of client information and data with or without hard copies. Financial services providers may utilise safe harbour documentation or electronic procedures to verify individuals when the risk of money laundering or terrorism financing is medium to low. As part of the covid-19 response, AUSTRAC has released guidance confirming that KYC obligations can be met through flexible processes and procedures, not solely face-to-face or documentation-based.1
Artificial intelligence in financial products
