ESAs releases Opinion on the use of innovative solutions by credit and financial institutions in the customer due diligence process

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published an Opinion on the use of innovative solutions by credit and financial institutions when complying with their customer due diligence (CDD) obligations. In this document, the ESAs explore how innovative solutions currently used by credit and financial institutions can help them meet their AML / CFT obligations more effectively.

 

For example, solutions that involve non-face-to-face verification of customers may contain built-in features that can determine whether the identity document presented belongs to the person presenting it.

 

The document also concludes that innovations can also improve transaction monitoring processes by automating them and by allowing data to be pulled from multiple data sources instantly.

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