Personal identification in financial services

Research output: Contribution to journalArticle

Abstract

The article analyses how financial institutions in Lithuania identify their customers before starting to provide their services to them, and how the mentioned institutions implement the principle “get to know your customer.” This requirement has emerged from the importance of the prevention of money laundering. In the complex legal regulatory mechanism the following concepts appear: proper identification, simplified identification, identification without being physically present. These methods differ with regard to the scope of the gathered personal data and the method of data collection. Theoretical legal possibilities not to gather personal data appear where customers can stay anonymous in electronic payments of small sums especially in the case of electronic money.
Original languageEnglish
Pages (from-to)45-49
JournalKSI transactions on knowledge society
Volume7
Issue number2
Publication statusPublished - 2014

Fingerprint

financial service
personal data
customer
electronics
money laundering
Lithuania
money

Keywords

  • Money laundering
  • Customer identification
  • Customer due diligence measures
  • Simplified customer due diligence measures
  • Enhanced customer due diligence

Cite this

Personal identification in financial services. / Rotomskis, Irmantas; Laurinaitis, Marius.

In: KSI transactions on knowledge society , Vol. 7, No. 2, 2014, p. 45-49.

Research output: Contribution to journalArticle

@article{110b6e647ae441fcb25e5d81e393f848,
title = "Personal identification in financial services",
abstract = "The article analyses how financial institutions in Lithuania identify their customers before starting to provide their services to them, and how the mentioned institutions implement the principle “get to know your customer.” This requirement has emerged from the importance of the prevention of money laundering. In the complex legal regulatory mechanism the following concepts appear: proper identification, simplified identification, identification without being physically present. These methods differ with regard to the scope of the gathered personal data and the method of data collection. Theoretical legal possibilities not to gather personal data appear where customers can stay anonymous in electronic payments of small sums especially in the case of electronic money.",
keywords = "Money laundering, Customer identification, Customer due diligence measures, Simplified customer due diligence measures , Enhanced customer due diligence",
author = "Irmantas Rotomskis and Marius Laurinaitis",
year = "2014",
language = "English",
volume = "7",
pages = "45--49",
journal = "KSI transactions on knowledge society",
issn = "1313-4787",
number = "2",

}

TY - JOUR

T1 - Personal identification in financial services

AU - Rotomskis, Irmantas

AU - Laurinaitis, Marius

PY - 2014

Y1 - 2014

N2 - The article analyses how financial institutions in Lithuania identify their customers before starting to provide their services to them, and how the mentioned institutions implement the principle “get to know your customer.” This requirement has emerged from the importance of the prevention of money laundering. In the complex legal regulatory mechanism the following concepts appear: proper identification, simplified identification, identification without being physically present. These methods differ with regard to the scope of the gathered personal data and the method of data collection. Theoretical legal possibilities not to gather personal data appear where customers can stay anonymous in electronic payments of small sums especially in the case of electronic money.

AB - The article analyses how financial institutions in Lithuania identify their customers before starting to provide their services to them, and how the mentioned institutions implement the principle “get to know your customer.” This requirement has emerged from the importance of the prevention of money laundering. In the complex legal regulatory mechanism the following concepts appear: proper identification, simplified identification, identification without being physically present. These methods differ with regard to the scope of the gathered personal data and the method of data collection. Theoretical legal possibilities not to gather personal data appear where customers can stay anonymous in electronic payments of small sums especially in the case of electronic money.

KW - Money laundering

KW - Customer identification

KW - Customer due diligence measures

KW - Simplified customer due diligence measures

KW - Enhanced customer due diligence

M3 - Article

VL - 7

SP - 45

EP - 49

JO - KSI transactions on knowledge society

JF - KSI transactions on knowledge society

SN - 1313-4787

IS - 2

ER -