Due diligence – Sectoral guidelines for electronic money issuers

Due diligence – Sectoral guidelines for electronic money issuers

EBA has published the final Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence. The Risk Factors guidelines give an overview on the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions.

Due diligence – Sectoral guidelines for electronic money issuers

125.

Examples of EDD measures firms should apply in a high-risk situation include:

• obtaining additional customer information during identification, such as the source of funds;
• applying additional verification measures from a wider variety of reliable and independent sources (e.g. checking against online databases) in order to verify the customer’s or beneficial owner’s identity;
• obtaining additional information about the intended nature of the business relationship, for example by asking customers about their business or the jurisdictions to which they intend to transfer E-money;
• obtaining information about the merchant/payee, in particular where the E-money issuer has grounds to suspect that its products are being used to purchase illicit or age-restricted goods;
• applying identity fraud checks to ensure that the customer is who they claim to be;
• applying enhanced monitoring to the customer relationship and individual transactions;
• establishing the source and/or the destination of funds.

Due diligence – Sectoral guidelines for electronic money issuers – Simplified customer due diligence

126.

To the extent permitted by national legislation, firms may consider applying SDD to low- risk e-money products that do not benefit from the exemption provided by Article 12 of Directive (EU) 2015/849.

127.

To the extent permitted by national legislation, examples of SDD measures firms may apply in low-risk situations include:

• postponing the verification of the customer’s or beneficial owner’s identity to a certain later date after the establishment of the relationship or until a certain (low) monetary threshold is exceeded (whichever occurs first). The monetary threshold should not exceed EUR 250 where the product is not reloadable or can be used in other jurisdictions or for cross-border transactions or EUR 500 where permitted by national legislation (in this case, the product can be used only domestically);

• verifying the customer’s identity on the basis of a payment drawn on an account in the sole or joint name of the customer or an account over which the customer can be shown to have control with an EEA-regulated credit or financial institution;
• verifying identity on the basis of fewer sources;
• verifying identity on the basis of less reliable sources;
• using alternative methods to verify identity;
• assuming the nature and intended purpose of the business relationship where this is obvious, for example in the case of certain gift cards that do not fall under the closed loop/closed network exemption;
• reducing the intensity of monitoring as long as a certain monetary threshold is not reached. As ongoing monitoring is an important means of obtaining more information on customer risk factors (see above) during the course of a customer relationship, that threshold for both individual transactions and transactions that appear to be linked over the course of 12 months should be set at a level that the firm has assessed as presenting a low risk for both terrorist financing and money laundering purposes.

Compliance & Geldwäschebeauftragter – Due diligence – Sectoral guidelines for electronic money issuers

Unsere Praxisseminare Geldwäsche und Fraud – Basisseminar, Geldwäsche und Fraud – Aufbauseminar, Geldwäsche & Fraud – Update und Geldwäsche & Fraud – Forum verschaffen Ihnen einen umfassenden Überblick zu den aktuellen gesetzlichen Neuerungen und unterstützen Sie dabei, Geldwäsche- und Betrugsstrukturen zu erkennen, zu bewerten und rechtzeitig zu verhindern. In den Compliance-Seminaren wie Compliance, Compliance für Vertriebsbeauftragte, Neue Compliance-Funktion gemäß MaRisk oder auch Compliance im Fokus der Bankenaufsicht werden Ihnen die Ausgestaltung der Schnittstellen zwischen Compliance, Datenschutz, IT, Zentrale Stelle und Interner Revision näher gebracht. Auch die Mindestanforderungen zum Aufbau eines Gesamt-IKS werden hier beispielsweise näher erläutert.

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