On 5 February, a release from the European Banking Authority on Mondo Visione announced a public consultation that runs to 5 May. The Guidelines, which are addressed to both financial institutions and supervisors, set out factors that institutions should consider when assessing the ML/TF risk associated with a business relationship or occasional transaction. In addition, they provide guidance on how financial institutions can adjust their CDD measures to mitigate the ML/TF risk they have identified. Finally, they support competent authorities’ AML/CFT supervision efforts when assessing the adequacy of firms’ risk assessments and AML/CFT policies and procedures. They also provide more details on terrorist financing risk factors and CDD measures. The EBA now has a new legal mandate to lead, coordinate and monitor the EU financial sector’s fight against ML/TF; and information on how the EBA will discharge its AML/CFT functions is set out in a factsheet which is available at –
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