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Research

General guide to account opening – BIS

The Basel Committee on Banking Supervision released on the 16 July 2015 for public consultation a revised version of the “General guide to account opening”. The customer relationship is generally established during the account opening process. A robust know-your-customer (KYC)/ customer due-diligence (CDD) process assists banks in ensuring that minimal risk (fraud, credit or other) is on-boarded during the account opening process.

 

open-accountThis document seeks not to undermine the current frameworks with respect to anti-money laundering and counter-financing of terrorism (AML/CFT), rather to support banks in implementing the FATF standards and guidance which require specific policies and procedures to be in place during the account opening.

 

Comments on the consultative document close Thursday, 22 October 2015. Once adopted, these guidelines will be added as an annex to the Committee’s 2014 document: “Sound management of risks related to money laundering and financing of terrorism”. The guidelines prescribe additional information that should be sourced during the identification process and verification procedures that should be performed to verify that information. These guidelines should be considered by banks when assessing the robustness of current on-boarding processes.