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ARTICLE · 08 FEBRUARY 2018

ESAs Issue A Joint Opinion On Innovative CDD Solutions

Baker McKenzie
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The ESAs' supervisory expectations may also be of interest to those providers of online or other innovative CDD solutions.

United KingdomFinance and Banking
Michael Huertas
Michael Huertas
Marta Zuliamis
Marta Zuliamis

The Joint Committee of the European Supervisory Authorities (or ESAs) have published an Opinion on the use of innovative solutions by banks and other financial services businesses when carrying out customer due diligence (CDD), (i.e. "know your customer") in relation to customers and the prevention of money laundering and terrorist financing risks. The Opinion is aimed at national supervisors, but it is also essential reading for credit institutions (i.e. banks), as well as MiFID investment firms, funds, insurers and a range of other firms that are defined as "financial institutions" under the 4th Anti-Money Laundering Directive. The ESAs' supervisory expectations may also be of interest to those providers of online or other innovative CDD solutions.

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