In continuation of Circular C479, CySEC has issued Circular C601 informing regulated entities of the publication of the EBA’s Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849.
In summary, the said guidelines establish common EU standards on the development and implementation of sound, risk-sensitive initial CDD processes on the remote customer onboarding content.
Among others, the guidelines provide the steps that institutions should take when adopting or reviewing solutions for onboarding new clients remotely, while setting out the framework to be followed when relying on third parties, including the policies controls and procedures that must be in place for customer due diligence.
Through Circular C601, CySEC notes that it has adopted the said Guidelines and informs regulated entities that they apply since 02/10/2023 and are applicable to the point where they do not conflict the CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing.