These ‘Know Your Customer’ guidelines were revisited in the context of the recommendations made by the Financial Action Task Force on Anti Money Laundering standards and on Combating Financing of Terrorism. These standards have become the international benchmark for framing Anti Money Laundering and combating financing of terrorism policies by the regulatory authorities.
3 For a general overview of the SIP model, see the document ‘Explainer on SIP settlement model’ from the  European Central Bank’s website, on the TIPS page. 4 See European Central Bank, ‘Denmark to join Eurosystem’s TARGET services’, press release (MIP news),  Frankfurt, December 2020.