On 22 November 2022, the European Banking Authority (EBA) published a final report on guidelines on the use of remote customer onboarding solutions under Article 13(1) of the Fourth Money Laundering Directive (4MLD).
This final report sets out a strategic objective to embrace digital finance for the good of consumers and businesses and identifies EU priorities and actions to make the benefits of digital finance available to European Consumers and businesses while also mitigating risks.
The guidelines establish common EU standards on the development and implementation of sound, risk sensitive initial customer due diligence policies and processes in the remote customer onboarding context. Furthermore, the guidelines 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 anti-money laundering obligations. The guidelines are technology neutral and do not prioritise the use of one tool over another.
Going forward, the guidelines will be translated into the official EU languages and published on the EBA’s website. The deadline for Member State competent authorities to report whether they comply with the guidelines will be two months after the publication of the translations.