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Account Opening

C 1/2021 Effective from 27/2/2021
  1. 3.20 Licensed Financial Institutions should seek to have appropriate systems in place to ensure the opening of a Customer Bank Account can be completed within 3 business days in instances where the Licensed Financial Institution has assessed the profile of the applicant to present low money laundering and terrorist financing risks, and can demonstrate that it is satisfied with standard customer due diligence documentation.
     
  2. 3.21 Licensed Financial Institutions must have clear, transparent and consistent disclosure regarding the documentary requirements for the opening of a Customer Bank Account.
     
  3. 3.22 The requirement to open a Customer Bank Account does not constitute the requirement to permit any type of transaction until the Licensed Financial Institution has undertaken all appropriate due diligence including those required for Financial Crime Compliance including the risk based approach and sanctions screening required by the Decree Federal Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations and the Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (as amended from time to time ).
     
  4. 3.23 Licensed Financial Institutions may receive funds for opening a Bank Account, but the funds are to be blocked until the requirements for opening Bank Accounts are fulfilled, including those relating to Financial Crime Compliance. Customer consent must be obtained in such cases.
     
  5. 3.24 Licensed Financial Institutions should record SME account-opening requests registered through all channels (branches, phone banking, automatic teller machines etc.) The register should have details of requests received, accounts opened, rejected, pending less or greater than 30 days. ). The report must be regularly shared with Senior Management and available for regulatory examination on request.