EBA-Guidelines on the use of remote customer onboarding solutions

EBA-Guidelines on the use of remote customer onboarding solutions

The European Banking Authority (EBA) has established comprehensive guidelines for remote customer onboarding solutions. These guidelines are aligned with the requirements of Article 13(1) of Directive (EU) 2015/849 and are aimed at ensuring the safe and effective onboarding of new customers using remote channels, without physical contact​​​​.

Key aspects of these guidelines include:

  1. Remote Identification Methods: The guidelines emphasize the use of remote identification techniques, including video verification, to authenticate the identities of new customers.
  2. Risk-Based Approach and Ongoing Monitoring: Financial sector operators are advised to employ a risk-based approach and maintain ongoing monitoring to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
  3. Compliance and Training: The guidelines stress the importance of adhering to existing AML and CTF regulations, along with providing necessary training to the concerned personnel.
  4. EU Data Protection Framework: The guidelines are crafted to be in harmony with the EU’s data protection framework, ensuring that customer data is handled securely and responsibly.
  5. Scope and Implementation: The guidelines are applicable in scenarios where credit and financial institutions are either adopting new remote customer onboarding solutions or reviewing their existing onboarding processes. This is particularly relevant for processes adopted or reviewed after October 2, 2023​​.
  6. Common EU Standards: The aim is to establish common EU standards for the development and implementation of effective, risk-sensitive initial customer due diligence processes in remote customer onboarding​​.

These guidelines represent a significant step in modernizing and securing the process of customer onboarding in the financial sector, particularly in a remote setting. The focus on leveraging technology for identification, while maintaining compliance with AML/CFT regulations and EU data protection laws, is indicative of a move towards more efficient and secure digital finance practices.

Source: https://www.eba.europa.eu/regulation-and-policy/anti-money-laundering-and-countering-financing-terrorism/guidelines-use-remote-customer-onboarding-solutions

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