When can a bank rely on customer due diligence carried out by another institution—rather than repeat the same checks?

In my article, “Reliance on customer due diligence performed by another obliged entity under European Union law”, published in the Journal of Banking Regulation, I explain how reliance differs from outsourcing, who remains responsible for AML compliance, and what changes the AML Regulation (AMLR) introduces.
I also examine banking secrecy, data protection and access to customer documentation after the cooperation ends—including in Banking-as-a-Service arrangements.

The key takeaway: relying on another institution’s checks does not transfer responsibility for your own AML obligations.

A link to access the article free of charge: https://rdcu.be/5bq7eH2bHpFa