The CBC enhanced the Know Your Customer (KYC) procedure and requirements for commercial banks and intermediaries. Furthermore, the bank has proceeded to meet the requirements regarding the business relationship with third parties that undertake the KYC and due diligence procedures for the banks’ customers and on which the banks depend for the correctness of the provided information.
The amended directive provides for enhanced requirements regulating the relationship with third parties and the supervision of the said relationship by the competent Compliance officer, suspension of bank account transactions if the verification is not carried out within a three-month period and stricter KYC obligations if the transactions on a client account exceed EUR 100,000 annually or if the client’s characteristics could qualify him as a high risk client.
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