Business Internet Banking 2FA Enforcement

UOB introduced Two-Factor Authentication (2FA) login on UOB Business Internet Banking (BIB) as an additional level of online banking security in Dec 2006.

To further enhance your level of security, the 2FA login will be enforced on
19 November 2007.

With the enforcement of 2FA, all BIB users will be required to provide a unique One-Time Password (OTP) in addition to the current Username and Password to gain access to the service – whether to perform company administrative setups, perform account enquiry or create transactions.

In addition, current C-R tokens used by company signatories will be replaced. Company signatories will also need to use their OTP-Tokens to approve transactions.

Existing Customers.
Company Administrator and Company Signatory should logon to BIB before
15 October for tokens to be issued to you automatically.

For Company User, please submit the BIB Maintenance Form to request for Company Users OTP Tokens.

Note: In view of this conversion exercise, please click here if you wish to update your company’s address to ensure tokens are sent to your address correctly.

New Customers
New BIB customers will be issued OTP-Tokens from January 2007 after new BIB registration forms are introduced to cater to 2FA requirements. Prior to that, customers registering for BIB will still be issued with C-R Tokens which will be replaced at a later date under the 2FA conversion exercise.

For more information, visit www.uobgroup.com/2FA

MAS Notice 626 on Prevention of Money Laundering & Countering Financing of Terrorism

In an ongoing effort to combat money laundering and terrorist financing, the Monetary Authority of Singapore (“MAS”) has revised the requirements in MAS Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism. The revisions require that we change the procedures for the following banking transactions:-

Account Opening
As our customer, you may be required to provide us with your personal details when you open a new account, even if you are an existing customer. You may also be required to provide or verify details when we process your banking transactions or during the Bank’s periodic review of your account(s).

Wire Transfers
With effect from 1 July 2007, certain wire transfer messages must include the following information:

1) The name of the wire transfer remitter;

2) The wire transfer remitter’s account number (or unique reference number assigned by the ordering institution where no account number exists); and

3) The wire transfer remitter’s address, or unique identification number, or date and place of birth.

Wire transfers which do not contain the requisite information cannot be accepted. We therefore seek the co-operation of our customers in facilitating our compliance with the new regulatory requirements. Please note that the Bank shall not be liable for any loss arising from any delay or rejection of wire transfer in the event the requisite information is not provided.

Change in Terms and Conditions
The Bank’s terms and conditions have been amended to expand the scope of the customer’s consent for disclosure to allow the Bank to comply with the law, regulations, guidelines, directives and/or such other requirements of regulatory authorities. Please refer to the applicable amended terms and conditions which can be obtained from www.uobgroup.com or at any of our branches.

Should you have any queries or require further information, please refer to your nearest branch, www.uobgroup.com or call 1800 2222 121 (24-hour, toll-free). You may refer to MAS website www.mas.gov.sg for more details on MAS Notice 626.

Terms & Conditions for Business Internet Banking