The Central Bank issues a circular regarding simplified care procedures :: Nabataeans

The Central Bank issues a circular regarding simplified care procedures :: Nabataeans
The Central Bank issues a circular regarding simplified care procedures :: Nabataeans
  • Publication date: Sunday – pm 04:34 | 2021-10-03

Nabataeans – The Central Bank issued instructions that allow banks to implement simplified due diligence procedures in line with the relative importance of customer segments and risk factors (customers, products, geographical spread, service delivery channels), with regard to transactions with customers with low risks, while specifying requirements To be carried out by the Bank, in accordance with international standards for combating money laundering and terrorist financing.
The bank explained in a press statement today, Sunday, that this measure comes in the interest of the Central Bank to ensure the proper application of the risk-based approach in the field of combating money laundering and terrorist financing and to enhance financial inclusion efforts and improve the experience and satisfaction of banking sector customers.
These directives include procedures and data that can be satisfied when dealing with categories of low-risk customers, whether current or potential, or when updating the data of these customers, in a manner that reduces the burdens on banks in obtaining and updating customer data, as well as exempting this category of customers from the requirement to review branch and replace it with smart applications or online banking services.
–(Petra)

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Central Bank issues circular simplified care procedures Nabataeans

 
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