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ARTICLE · 03 FEBRUARY 2022

EBA Consults On Remote Customer Onboarding Guidelines

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On 10 December 2021, the European Banking Authority ("EBA") issued a consultation paper on Draft Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 ...

European UnionFinance and Banking
Sarah Louise Azzopardi
Sarah Louise Azzopardi
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On 10 December 2021, the European Banking Authority ("EBA") issued a consultation paper on Draft Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (the "Consultation Paper") which sets out common EU standards on the development and implementation of sound, risk-sensitive Customer Due Diligence ("CDD") measures in the remote customer onboarding context.

The draft guidelines set out in the Consultation Paper (the "Guidelines") are a welcome measure to ensure harmonisation of remote solutions to CDD processes which have increasingly become a necessity due to restrictions related to the COVID-19 pandemic. The consultation period for the Guidelines shall run until 10 March 2022.

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