EBA issues consultation paper on onboarding guidelines

Friday 4 February 2022 14:33 CET | News

The European Banking Authority (EBA) has delivered a paper regarding the Remote Customer Onboarding Solutions under Article 13(1).

The draft guidelines set out in the consultation paper are a measure to ensure harmonisation of remote solutions to CDD processes due to restrictions related to the COVID-19 pandemic. The consultation period for the guidelines will run until 10 March 2022.

In addition, it requires that financial sector operators put in place policies and procedures to comply with their obligations to identify the customer and verify the customer's identity in line with AML/CFT obligations, assess, and obtain information on the purpose and intended nature of the business relationship, in situations where the customer is onboarded remotely.

As is the case with AML/CFT policies and procedures, those documenting the controls applicable to remote customer onboarding solutions will be the responsibility of the AML/CFT compliance officer. As such, the compliance officer is responsible for preparing, reviewing and where necessary, amending these policies and procedures as well as ensuring that they are implemented effectively. On the other hand, the board is responsible for approving such policies and procedures and overseeing their correct implementation.

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Keywords: digital onboarding, EBA, AML, CFT, compliance
Categories: Fraud & Financial Crime
Companies: EBA
Countries: Europe
This article is part of category

Fraud & Financial Crime


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