Art. 22 Sectoral simplified measures with respect to pooled accounts | RTS on customer due diligence | AML

This article sets out the conditions under which a credit institution can satisfy its customer due diligence obligations under Article 20(1)(h) of Regulation (EU) 2024/1624 when opening an account for an account holder who administers funds on behalf of its own clients.

Rather than requiring the credit institution to identify and verify each underlying client directly, the article permits a form of reliance on the account holder, provided a specific set of cumulative conditions are all met.

It effectively creates a conditional shortcut for credit institutions operating in these intermediary account scenarios.

Important points:

Ensure all five conditions are met simultaneously — partial satisfaction is insufficient to rely on this article's allowance.
The account holder must be an obliged entity subject to AML/CFT obligations no less robust than those in Regulation (EU) 2024/1624, and must be effectively supervised for compliance.
The ML/TF risk associated with the business relationship must be low, and the account holder must apply robust and risk-sensitive customer due diligence measures on its own clients and their beneficial owners.

A credit institution that opens an account in which the account holder administers the funds of its clients fulfils the requirements stipulated in Article 20(1), point (h), of Regulation (EU) 2024/1624, if all of the following conditions are met:
1. the credit institution is satisfied that the account holder will provide the information and documents required pursuant to Article 20(1)(h) of Regulation (EU) 2024/1624 in relation to clients for whom it administers their funds, immediately after such request has been made by the credit institution;
2. the account holder is an obliged entity that is subject to AML/CFT obligations in an EU Member State or a third country with AML/CFT requirements that are no less robust than those stipulated by Regulation (EU) 2024/1624;
3. the account holder is effectively supervised for compliance with obligations as provided for in point (b);
4. the ML/TF risk associated with the business relationship is low;
5. the credit institution is satisfied that the account holder applies robust and risk-sensitive customer due diligence measures on its clients and the clients’ beneficial owners.