Decision to Grant Banks Access to the Personal Records Database for Consultation

To combat money laundering and terrorism, banks must collect customer data through customer due diligence. This is a labor-intensive process for both banks and citizens. Therefore, the cabinet wants to grant banks access to the Personal Records Database (BRP) under strict conditions, allowing them to perform the mandatory checks without additional effort from citizens. Starting today, a public online consultation on this draft decision begins.European regulations on combating money laundering and terrorist financing require banks to verify their customers data. Since customer due diligence is done manually and citizens often have to submit the same documents multiple times, this is a labor-intensive process for both citizens and banks. To verify the necessary data faster and more securely, the cabinet wants to grant banks access to the BRP under strict conditions. Banks may only use the BRP to identify and verify their private customers. This reduces administrative burdens and decreases the chance of errors. It is not permitted for banks to use BRP data for commercial purposes.