The European Association of Co-operative Banks (EACB) largely supports the Basel Committee on Banking Supervision’s paper entitled ‘’General Guide to Account Opening’’.
The EACB considers that both a flexible interpretation of the Guide and an appropriate level of alignment with upcoming European Supervisory Authorities’ guidelines on anti-money laundering need to be promoted.
The consultative document appears to duly reflect the revised standards of the Financial Action Task Force as well as the practices prevalent in the banking industry.
However, some of the recommendations seem to go beyond the scope of the currently applicable requirements.
For further information, please click HERE.