AEB and CECA Request Collaboration from Clients of Credit Institutions in the Identification Process

The banking associations AEB and CECA request the understanding and collaboration of the clients of their respective members so that, in case they are required, they provide their identification document before the upcoming April 30, as mandated by the regulations on the prevention of money laundering.

As is well known, Law 10/2010 on the prevention of money laundering and the financing of terrorism imposes on credit institutions the obligation to identify all their clients and persons with whom they maintain business relationships or carry out any operations. This obligation translates into the need to have a copy of the identity document as well as, if applicable, other information about the client’s activity.

In accordance with the provisions of this regulation, the deadline for credit institutions to obtain this documentation concludes on the upcoming April 30, 2015. Therefore, institutions are requesting some of their clients to provide their identification document and other complementary data.

This request is even being directed at clients with whom there has been a long-standing relationship and who are known to the institution, since for various reasons (opening the account at a time when obtaining and retaining the ID was not mandatory, among others), it may happen that the institution does not have a copy of the identification document.

Under these circumstances, AEB and CECA request banking clients to collaborate with their respective entities and respond to the requests they may make to provide their identification document before the upcoming April 30.

In this way, restrictions on the operation of accounts that banks and other entities would be obliged to apply, in compliance with current legislation, will be avoided if they do not have the client’s identification document.