Regulatory Alerts2023-10-12 | C601CySEC Circular C601 on EBA Guidelines for Remote Customer Onboarding under AMLD
The Cyprus Securities and Exchange Commission issued Circular C601 to inform regulated entities that the European Banking Authority has published Guidelines on remote customer onboarding under Article 13(1) of the AMLD. These Guidelines establish common EU standards for risk-sensitive initial customer due diligence processes, requiring institutions to implement specific policies, conduct pre-implementation assessments, and ensure the reliability of identity verification methods. CySEC has adopted these Guidelines as binding under national law, effective October 2, 2023, pending alignment with the ongoing amendment of the local AML/CFT Directive.
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