EBA consults on revised guidelines on money laundering and terrorist financing risk factors
The European Banking Authority (EBA) has launched a public consultation on revised money laundering and terrorist financing risk factors, as part of a broader communication on AML/CFT issues.
These Guidelines address both financial institutions and supervisors and set out factors that institutions should consider when assessing the ML/TF risk associated with a business relationship or occasional transactions. Moreover, they provide guidance on how financial institutions can adjust their customer due diligence (CDD) measures to mitigate the ML/TF risk they have identified. Also, they support competent authorities’ AML/CFT supervision efforts when assessing the adequacy of firms’ risk assessments and AML/CFT policies and procedures.
This article provides further insight on the key changes proposed by EBA, including new guidance on compliance with the provisions on enhanced customer due diligence related to high-risk third countries.