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EBA publishes Guidelines on remote customer onboarding

On 22 November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. This outlines steps to effectively ensure the onboarding of remote customers in line with current anti-money laundering and counter-terrorist financing (AML/CFT) legislation and the EU data protection framework.

René Blaschke
December 14, 2022

On 22 November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. This outlines steps to effectively ensure the onboarding of remote customers in line with current anti-money laundering and counter-terrorist financing (AML/CFT) legislation and the EU data protection framework.  

The Guidelines apply to all credit and financial institutions that fall within the scope of the Anti-Money Laundering Directive (AMLD). They list, i.a., steps that financial institutions should take when selecting tools for remote onboarding and when assessing the adequacy and reliability of these tools. The Guidelines are technology-neutral and do not prioritise the use of one tool over another.

 

Legal basis and background

The development of the guidelines stems from the European Commission's initiative in the context of its Digital Finance Strategy published in 2020. It is also in line with the EBA's legal mandate to lead, coordinate and monitor the EU financial sector's fight against money laundering and terrorist financing.

 

The Anti-Money Laundering Directive (AMLD) defines what financial institutions should do to comply with their obligations to combat money laundering and terrorist financing. However, the AMLD does not specify in detail what is and is not allowed in a remote and digital context when taking on new customers. This lack of clarity has led to some compliance risks,  and made it difficult for credit and financial institutions to adopt new, innovative forms of customer identification. The increasing need for customer intake options without face-to-face during the Covid-19 pandemic has further exacerbated these risks and issues.

 

Full compliance with cleversoft

With our cleversoft KYC/AML services you ensure your compliance with current regulations. This includes all required updates or amendments to the regulations in scope -of course also with regard to the new EBA guidelines on remote customer onboarding.