Regulatory Alerts2020-09-24
Added · Updated
Remote on-boarding of corporate customers
Authorized institutions may onboard corporate customers remotely using various means, including third-party intermediaries, independent certification, and video conferencing, provided these methods are commensurate with the assessed money laundering and terrorist financing risks. The regulatory expectations require that remote on-boarding processes be at least as robust as in-person procedures, maintaining a technology-neutral and risk-based approach to customer due diligence. Institutions must continue to differentiate ML/TF risks to apply proportionate measures, recognizing that corporate on-boarding involves verifying representative authority, beneficial owners, and ownership structures.