EUROPEAN SUPERVISORY AUTHORITIES PUBLISH THEIR SECOND JOINT OPINION ON THE RISKS OF MONEY LAUNDERING AND TERRORIST FINANCING AFFECTING THE EU FINANCIAL SECTOR

A news release on 4th October reported that the 3 European Supervisory Authorities (EBA, EIOPA and ESMA) have published their second joint Opinion on the risks of money laundering and terrorist financing affecting the financial sector. Drawing on data and information provided by national AML/CFT competent authorities, they found that the monitoring of transactions and suspicious transactions reporting still raise concerns, particularly in sectors where a financial institution’s business model is based on frequent transactions.  This Opinion is intended to contribute to strengthening the EU’s AML and CFT efforts.

https://eba.europa.eu/documents/10180/2622242/Joint+Opinion+on+the+risks+on+ML+and+TF+affecting+the+EU%27s+financial+sector.pdf

There is also an interactive tool intended to give European citizens, competent authorities and credit and financial institutions a snapshot of all risks covered in the Joint Opinion.

http://tools.eba.europa.eu/joint-opinion/JO_ML_TF_2019.html

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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