Securities Commission enables remote identification of customers

The Securities Commission has enabled video identification for verifying customer identity, in establishing a business relation and in transactions of its supervised entities and their clients.

At its 172 session, held on 25 June 2021, the Commission adopted a Rulebook on the conditions and methods used for legitimation and verification of identity of natural persons by means of electronic/remote means of communication.

The Rulebook is published in “Službeni glasnik RS” (RS Official Gazette), No 69, on 9 July 2021, and applied as of 17 July 2021. Its provisions advance access of individuals to financial services, opening up the option to identify and to verify the identity of domestic and foreign natural persons by use of digital technologies and video calls.

This Rulebook applies to banks (depositories and authorized banks), investment fund management companies and broker-dealers, audit firms and sole practitioners and digital assets service provider (providing services in connection with digital tokens).