I. Introduction

1. This annex is a general guide detailing the principles set out in the main body of these guidelines (paragraphs 35–41). This guide focuses on account opening. It is not intended to cover every eventuality, but rather to focus on some of the mechanisms that banks can use in developing an effective customer identification and verification programme. It also sets out the information that should be collected at the time of account opening and which will help the bank to develop and complete the customer risk profile.

2. For the purpose of this Annex, an account is defined as any formal banking or business relationship established by a bank to provide or engage in products, services, dealings, or other financial transactions. This includes demand deposits, savings deposits, or other transaction or asset accounts, or credit accounts or other extension of credit. In keeping with the scope of the original document issued by the Basel Committee in 2003, this guide only covers the opening of new accounts and not the conduct of occasional transactions.