Summary of CySEC's Circular C479

Memo #52-2021
CySEC Circular No: C479
Date: 23/12/2021
Subject: Public Consultation of the European Banking Authority on new draft Guidelines on the use of Remote Customer Onboarding Solutions
Purpose: To inform the Regulated Entities that EBA launched a public consultation on its Draft Guidelines on the use of Remote Customer Onboarding Solutions.

In Summary:

CySEC has issued the Circular C479 on 22/12/2021 to inform the CIFs, ASPs, UCITS Management Companies, Internally managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers and Small AIFMs under Law 81(I)/2020, that the European Banking Authority (the ‘’EBA’’) launched on 10 December 2021 a public consultation on its Draft Guidelines on the use of Remote Customer Onboarding Solutions (the ‘‘Guidelines’’).

These draft Guidelines set common EU standards on the development and implementation of sound, risk-sensitive initial customer due diligence (CDD) policies and processes in the remote customer onboarding context. They set out the steps financial institutions should take when choosing remote customer onboarding tools and when assessing the adequacy and reliability of such tools, in order to comply effectively with their AML/CFT obligations.

CySEC notes that any comments may be submitted through the EBA’s consultation page. 

This consultation runs until 10 March 2022.

The EBA’s consultation page can be found on the following link: https://www.eba.europa.eu/eba-consults-new-remote-customer-onboarding-guidelines

Read the CySEC Circular C479

Read more news at Regulatory News