The EBA launch draft guidelines regarding remote customer onboarding solutions

The European Banking Authority (EBA) has launched a public consultation paper on its draft Guidelines on the use of remote customer onboarding solutions. These Guidelines set out a common understanding by competent authorities of the steps financial sector operators should take to ensure safe and effective remote customer onboarding practices in line with applicable anti-money laundering and countering the financing of terrorism (AML/CFT) legislation and the EU’s data protection framework. Once adopted, these Guidelines will apply to all financial sector operators that are within the scope of the Anti-money Laundering Directive (AMLD). This consultation runs until March 10th, 2022.

According to the commission’s view customer due diligence (CDD) rules in Directive (EU) 2015/849 do not provide sufficient clarity and convergence about what is, and what is not, allowed in a remote and digital context.

The identified guidelines are based on:

1. Subject matter, scope and definitions
2. Internal policies and procedures
3. Acquisition of Information
4. Document Authenticity & Integrity
5. Authenticity Checks
6. Digital Identities
7. Reliance on third parties and outsourcing
8. ICT and security risk management

This consultation runs until March 10th, 2022. The EBA will start the finalization process thereafter.

Our team is closely monitoring the update on the new remote customer onboarding and will keep you informed on the changes and how this will affect our services.