On September 19, 2022, the BCU published new draft regulations that, if approved, will involve changes in rules on client due diligence procedures that must be implemented by supervised institutions.
The most relevant points on the subject are:
- Processes permitting remote verification of client identity and validation of digital identity or advance electronic signature will be allowed.
- For medium or high risk clients, and for low risk clients showing unusual or suspicious patterns of activity, there must be periodic review of information within minimum periods indicated.