JMLSG finalises change to impersonation fraud mitigation

JMLSG has submitted for ministerial approval a change to Paragraph 5.3.89 in Part I of its guidance. The change relates to additional measures firms should consider taking when identity is verified electronically, copy documents are used or the customer is not physically present. It suggests

  • verifying additional aspects of identity with the customer;
  • using biometric data; or
  • requesting confirmation of a secret code or biometric factor.

Emma Radmore