Presume this is what you meant re Singapore
Singapore MAS Guidance 626/ 1014 / 824 In Singapore, the Monetary Authority of Singapore (MAS) has issued NOTICE 626 ON PREVENTION OF MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM. 33 Paragraphs 4.25, 4.26 and 4.27 of the Notice address the situation where business relations are established or financial services are provided without face-to-face contact. In particular, a banks are required to take appropriate measures to address risks arising from establishing business relations and undertaking transactions through instructions conveyed by customers over the internet, the post or the telephone. The Guidance Note issued by MAS34, at Section 35, relevantly states: “As a guide, banks should take one or more of the following measures to mitigate the heightened risk associated with not being able to have faceto-face contact when establishing business relations: ... (f) requiring the customer to make an initial deposit using a cheque drawn 33
http://www.mas.gov.sg/~/media/resource/legislation_guidelines/aml/626 Revised Notice Banks EXT GCO %202.ashx 34
http://www.mas.gov.sg/~/media/MAS/Regulations and Financial Stability/Regulations Guidance and Licen sing/Commercial%20Banks/Regulations%20Guidance%20and%20Licensing/Guidelines/GUIDELINES%20TO%20MAS%20NOTICE% 20626%20ON%20PREVENTION%20OF%20MONEY%20LAUNDERING%20AND%20COUNTERING%20THE%20FINANCING%20OF%2 0TERRORISM.pdf Issue Date 28th April 2013 iSignthis Ltd,
http://www.isignthis.com Revision V4R1.0 Page 26 of 42 on the customer’s personal account with another bank in Singapore; and (g) any other reliable verification checks adopted by the bank for non-faceto-face banking business. “ The elements of item (f) are that a cheque from a reputable institution is presented to open a new bank account. The issuing institution is responsible for authenticating the cheque. The iSignthis process utilises an electronic approach to authenticate various other financial instruments to achieve a similar outcome, that is, to demonstrate that the source is reliable following an authentication process. In turn, verification of the financial instrument via the iSignthis authentication method should satisfy the guidance note section 35 (g). The use of the National Identification Card database in conjunction with the above should satisfy Note 626. Section 5.2 does not exclude the iSignthis process being used as an EOI basis for customers resident in at least the equivalency jurisdictions, but may also extend to all FATF jurisdictions.
