Russia Allows For Remote Verification For All FX Traders
Posted: Tue Jan 19, 2021 2:49 am
The Association for Forex Dealers (AFD) has relaxed the rules that govern the remote verification of new clients of Forex brokers. Starting from January 11th, Over-the-counter (OTC) FX dealers will be able to integrate new clients into their companies without the need for the physical presence of the client through a remote verification process.
The Russian regulator Bank of Russia allowed credit institutions and similar organizations to carry out transactions by using the unified biometric system (UBS) to complete remote identification procedures.
According to the AFD, that law in essence allows …professional participants in the securities market, including forex dealers, to conclude contracts with clients without their personal presence in the office of the company,”
I am assuming that one of the main reasons for this new procedure is the pandemic, which has increased the need to conduct business and transfer money without a physical contact immensely.
The Russian regulator Bank of Russia allowed credit institutions and similar organizations to carry out transactions by using the unified biometric system (UBS) to complete remote identification procedures.
According to the AFD, that law in essence allows …professional participants in the securities market, including forex dealers, to conclude contracts with clients without their personal presence in the office of the company,”
I am assuming that one of the main reasons for this new procedure is the pandemic, which has increased the need to conduct business and transfer money without a physical contact immensely.