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Singapore financial institutions to face more stringent identity-verification procedures

( November 10, 2020, 08:17 GMT | Official Statement) -- MLex Summary: Singapore's central bank plans to make it mandatory for financial institutions to use certain types of unique information for non-face-to-face verification, such as a one-time password, in order to combat the rise in impersonation scams and other cybersecurity risks. The Monetary Authority of Singapore is seeking feedback on the proposal, which will also prohibit financial institutions from relying on common personal information such as the national registration number or date of birth as the sole means of identity verification. The proposal comes as the central bank's Cyber Security Advisory Panel highlighted the need for financial institutions to review their security controls given the elevated risks arising from remote working due to the Covid-19 pandemic. The central bank's statements and consultation paper are attached. ...

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