+19. Credit and financial institutions should set out in their procedures and processes remedial …

19. Credit and financial institutions should set out in their procedures and processes remedial …

Credit and financial institutions should set out in their procedures and processes remedial measures where a risk has materialised, or where errors have been identified that have an impact on the efficiency and effectiveness of the general remote customer onboarding solution. These measures should include at least:

  • a) a review of all affected business relationships, to assess whether sufficient initial CDD has been applied by the credit and financial institutions in order to comply with article 13 (1), (a), (b) and (c) of the AMLD. Credit and financial institutions should prioritise those business relationships that carry the highest ML/TF risk;
  • b) taking into account the information obtained in the above-mentioned review, an assessment of whether an affected business relationships should be:
  • a. subject to additional due diligence measures;
  • b. subject to limitations, such as limits on the volume of transaction, where permitted under national law, until such time as a review has taken place;
  • c. terminated;
  • d. reported to the FIU;
  • e. reclassified into a different risk category.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • EBA -

    EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

    DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.