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

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/