Article 23 3

3.   By way of derogation from paragraph 1 of this Article, a credit institution or financial institution may open an account, including accounts that permit transactions in transferable securities, as may be required by a customer provided that there are adequate safeguards in place to ensure that transactions are not carried out by the customer or on its behalf until full compliance with the customer due diligence measures laid down in Article 20(1), points (a) and (b), is obtained.