Regulatory Alerts2021-09-13 | 23982Added · Updated
Addendum to the Central Bank’s AML/CFT Guideline – SDD Requirements for Basic Banking Accounts
This addendum establishes Simplified Due Diligence (SDD) requirements for basic banking accounts for individuals and micro-enterprises, defining a $84,000 annual aggregate limit for credits, withdrawals, and transfers. It mandates functionality restrictions, including prohibitions on international wire transfers and credit facilities, while allowing access to debit cards, online banking, and ACH services. Financial institutions must verify customer identity using valid photo identification and maintain records of personal and business details, with full Customer Due Diligence required if thresholds are exceeded or suspicious activity is detected.