EU introduces new way of Bank account opening

The Banking industry through a time of constant development, is ready to welcome a new revolutionary way on how to open a bank account within the European Union. The ultimate objective behind this decision is the contribution towards the establishment of a single market.

Individuals or entities holding bank accounts in the European Union will now have a single passport that will enable them to open a bank account around the Union.

This development will replace any other type of customer identification (27 different types currently applied), which will certainly improve the customer due-diligence process.

AMLA, the new EU Anti-Money Laundering Authority, aims to create a more transparent market along with cross-border data sharing, that will enable them to prevent the flourish trend of money laundering networks, which are more than capable to operate across national borders.

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Eurofast Nicosia Editing Team