On the 22nd November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. These Guidelines set standards on the development and implementation of effective risk-sensitive customer due diligence processes for remote customer onboarding tools. The Guidelines are applicable to credit and financial institutions within the scope of the Anti-Money Laundering Directive (AMLD).
The guidance covers:
- Minimum requirements for internal policies and procedures, including responsibility of compliance officers to ensure adequate oversight controls
- Appropriate pre-implementation assessments for remote customer onboarding solutions (in particular when looking for new solutions)
- Guidance on effective ongoing monitoring of remote onboarding solutions (assurance controls including reliability, accuracy, deficiencies, …)
- Guidance on ensuring document authenticity and integrity where reliance on copies of documents exist
- Guidance on how to manage acquisition of information from various solutions
- Guidance on customer identity verification including, criteria for natural persons and legal entities, use of biometric data, as well as steps required for ‘unattended’ (no employee interactions) versus attended solutions
- Risks associated with reliance on third parties and outsourcing and how these can be managed
The guidelines will assist firms on managing financial crime risks associated with remote onboarding and using of third-party solutions.
For the full guidance, click here.
If you would like more information on how we can support your business to comply with these guidelines, our specialist team are here to help.
