On 4 February, the Basel Committee on Banking Supervision issued the final revised version of the General guide to account opening and customer identification (Guide) first published in 2003.
The Guide updates, and has been issued as an Annex (Annex 4) to the guidelines on Sound management of risks related to money laundering and financing of terrorism, which was first published in 2014.
The policies and procedures for account opening that all banks need to establish must accurately reflect the AML/CFT obligations to which they are subject. The customer information collected and verified at the account opening stage is fundamental in order for banks to fulfil these obligations. In response to this, the content of the Guide aims to support banks in implementing the Financial Action Task Force (FATF) standards and guidance, which requires the adoption of specific policies and procedures, in particular on account opening.