Regulatory Alerts2021-09-14 | 29697Guidance for the Application of Simplified Due Diligence for Basic Banking Accounts
The Banking Sector regulator issues this guidance to standardize the application of simplified due diligence for basic banking accounts. Financial institutions may apply reduced know-your-customer and anti-money laundering checks to eligible customers, provided the accounts meet defined risk parameters. This streamlined framework reduces compliance costs for providers while preserving regulatory oversight and expanding access to essential financial services.
Share