P ROVISIONS SPECIFIC TO THE INTERPLAY WITH D IRECTIVE 2014/92/EU

In relation to the right of access to a payment account with basic features in accordance with Articles 16(2) and 17 of Directive 2014/92/EU, credit institutions obliged to offer such basic accounts should set out in their account opening policies and procedures how they can adjust their customer due diligence requirements to account for the fact that the limited functionali-ties of a basic payment account help mitigate the risk that the customer could abuse these products and services for financial crime purposes.

When ensuring non-discriminatory access to a basic payment account under Article 15 of Di-rective 2014/92/EU, credit institutions should make sure that where digital onboarding solu-tions are in place, these also comply with the aforementioned directive and with these guide-lines and that the digital solutions do not produce automated rejections, which would conflict with the directive and these guidelines.

Over time and as their understanding of the ML/TF risk associated with individual business re-lationships grows, credit institutions should update the individual risk assessment of the cus-tomer and adjust the extent of monitoring and the type of products and services for which that customer is eligible.