Bank of Spain updates its Compendium of Good Banking Practices with shared SEPBLAC criteria for AML-driven account denials and payment restrictions

The Bank of Spain published a new edition of its Compendium of Good Banking Practices, updating its guidance for banks on maintaining a responsible relationship with customers and adding recommendations aimed at a more inclusive application of anti-money laundering and counter-terrorist financing requirements. A key addition is a set of good-practice criteria developed jointly with SEPBLAC for cases where institutions deny access to accounts or apply restrictive measures to payment products and services for AML/CFT reasons. The update also sets out cross-cutting good-practice criteria applicable regardless of the product or service, covering customer requests for information and documentation, correction of banking errors, proactive customer communications, document retention, the operation of customer service functions, cooperation in resolving complaints, and assessment of rectifications. For AML/CFT-related denials and restrictions such as account blocking or refusal of individual transactions, the criteria aim to balance risk mitigation with financial inclusion, particularly for vulnerable groups, and include expectations to avoid blanket measures affecting generic categories of customers, to keep restrictions proportionate to the relevant risk, and to give customers advance notice of the generic rationale, the information requirements and deadlines to avoid restrictions, the consequences of not responding, and the right to complain. The Compendium also updates certain criteria on customer communications about payment accounts, handling complaints relating to payment services, calculating financial loss in early mortgage repayment cases, and fees in judicialised probate-related matters.