Danish Financial Supervisory Authority issues Q&A guide for banks on access to basic payment accounts for vulnerable customers

The Danish Financial Supervisory Authority published a Q&A to help banks apply the rules on basic payment accounts, with particular attention to challenges that can make it difficult for homeless and socially vulnerable individuals to obtain an account. The guidance explains that a basic payment account is a standard bank account enabling cash withdrawals and deposits, payments in and out, card payments and direct debits. It provides practical examples of how customer identification and verification of identity information can be handled when opening a basic payment account, aiming to support banks’ assessments of what documentation to collect while promoting broader financial inclusion. The Q&A was developed in close collaboration with organisations working with homeless and socially vulnerable groups and with the industry association Finans Danmark.