FCA coronavirus letter explained: remotely onboarding customers, not criminals.

02 Apr 2020
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02 Apr 2020
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The UK Financial Conduct Authority issued a letter to the CEOs of UK regulated financial institutions providing guidance on how to navigate the challenges of coronavirus. This has been interpreted by some national newspapers to mean that identity checks can be done with selfies. This is not true. Identity checks completed via selfie are an open invitation to money-launderers and other criminals. The only way to remotely check the identity of an individual is through Genuine Presence Assurance.
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