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SEC public hearing on proposed amendments to e-KYC Guidelines



Wednesday 16 October 2019 | No. 145 / 2019


Bangkok, 16 October 2019 – The SEC is conducting a public hearing on the proposed amendments to the Guidelines on Electronic Know Your Customer (e-KYC) to enhance flexibility for licensed companies.

Essentially, the amendments would postpone the deadline for the licensed companies subscribing to the National Digital ID (NDID) platform to comply with the e-KYC Guidelines to 1 January 2021, one year from the effective date of the Guidelines, to allow the subscribers appropriate time to develop NDID-compatible systems, as required. 

 

The amendments would also streamline the ID card dip chip requirement in the identification and verification process for the onboarding clients who already have relationship managers elsewhere outside the premise or the clients who have a life-time ID card without the chip, in which case licensed companies would be allowed to adopt reasonable risk-based measures instead of ID card dip chip. In addition, the licensed companies offering occasional transaction service for share subscription, for example, would be allowed to use a suitable method for account opening if they could prove that adequate safeguards against impersonation risk have been in place under the relevant regulation*.

 

The SEC is also proposing to stipulate a minimum Authentication Assurance Level (AAL) for clients’ online transactions via the company’s system based on associated risks. For example, high-risk transactions related to clients’ assets would be subject to AAL2.1** while other transactions would be subject to AAL1**.

 

The consultation paper is available at www.sec.or.th/hearing. Stakeholders and interested parties are welcome to submit comments and recommendations via the website, or email: insec@sec.or.th. The public hearing ends on 15 November 2019. 

 

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*  Notification of the Capital Market Supervisory Board No. Tor Thor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to Clients of Securities Companies and Derivatives Intermediaries dated 6 September 2013.

**  According to the Electronic Transactions Development Agency (ETDA)’s recommendation on Digital Identity Guideline for Thailand – Authentication.  






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