Regulatory Alerts2023-03-06 | 23975Added · Updated
Addendum to The Central Bank’s AML/CFT Guideline – SDD Requirements for Basic Banking Account – Revised March 2023
This addendum establishes simplified due diligence requirements for basic banking accounts held by individuals and micro-enterprises, defining strict functionality limitations and transaction thresholds. Accounts are capped at $90,000 in annual credits and withdrawals, restricted to debit cards, online banking, and ACH services, while prohibiting international wire transfers, credit facilities, and overdrafts. Financial institutions must verify customer identity using valid photo identification or alternative documents, record specific personal and business details, and screen against designated persons lists at onboarding, upon list updates, and quarterly. Full customer due diligence is mandatory if transaction limits are exceeded, additional services are requested, or suspicious activity is detected.