Regulatory Alerts2022-11-24
Added · Updated
Customer due diligence of end users by providers of Payment service 8
Account information service providers (AISPs) must perform customer due diligence on end users (account holders) under the Anti-Money Laundering and Anti-Terrorist Financing Act. This obligation applies when the AISP enters into a business relationship with the account holder, which typically occurs when consent to access accounts is granted for a specific period rather than for a single transaction. Consequently, AISPs must verify the identity of both the direct customer and the account holder in scenarios involving third-party data collection.