Banks should accept expired identification documents and adopt other, "more granular and tailored" customer due-diligence policies so that high-risk, vulnerable clients can access accounts and other financial services, the European Banking Authority said Tuesday. Clients often viewed as inherently exposed to illicit finance, particularly refugees, homeless people and other vulnerable individuals, frequently and sometimes automatically face exclusion from the EU financial system "without valid reason," according to the EBA, and, at the most basic level, struggle to open and maintain accounts at European banks. Banks and other mainstream financial institutions tend to reject those and other high-risk clients such as...
The European Banking Authority shared new guidelines to financial service providers and institutions on implementing effective anti-money laundering and counterterrorist financing controls.
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