Answer to Question #217548 in Economics for Desperate Student

Question

(References if could be provided would be great)

a. Which countries are considered to be high risk jurisdictions for the European Union? 

c. A French student living in Madrid, wants to open a bank account in your 

bank. What kind of due diligence would you apply to him? What documentation would you require to him? d. A refugee wants to open a bank account in your bank: What documentation would you require to him? Is a refugee a high-risk client? 

Answer 1

a. On 7 May 2020, the European Commission adopted the new Delegated Regulation EU 2020/855, which will add the following countries to the high-risk third country list from 1 October 2020:

• Bahamas
• Barbados
• Botswana
• Cambodia
• Ghana
• Jamaica
• Mauritius
• Mongolia
• Myanmar/Burma
• Nicaragua
• Panama
• Zimbabwe

c. A foreign non-resident in Spain can open a bank account. To do so, they must take an ID document (normally a passport) and a certificate of non-residency to any of our branches. Other documents may be requested according to the product they wish to contract.

d. In Europe, everyone, including refugees, asylum seekers and those with a tolerated stay have the right to a payment account with basic features. In July 2014, the European Union enacted the Payment Accounts Directive, which gives everybody who legally resides in the European Union the right to a so-called basic payment account (“Basiskonto”).