EUROPEAN BANKING AUTHORITY PUBLIC CONSULTATION ON REVISED MONEY LAUNDERING AND TERRORIST FINANCING RISK FACTORS GUIDELINES

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 –

https://eba.europa.eu/sites/default/documents/files/document_library/News%20and%20Press/Press%20Room/Press%20Releases/2020/EBA%20acts%20to%20improve%20AML/CFT%20supervision%20in%20Europe/AML%20CFT%20Factsheet.pdf

https://mondovisione.com/media-and-resources/news/eba-draft-guidelines-under-articles-17-and-184-of-directive-eu-2015849-on/

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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