The European Banking Authority (EBA) issued a public consultation on its draft Guidelines regarding revised money laundering and terrorist financing (ML/FT) risk factors. “This update takes into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and new ML/TF risks, including those identified by the EBA’s implementation reviews.” The Guidelines provide factors for institutions to consider when assessing ML/FT risks, guidance on how to adjust due diligence measures to mitigate ML/FT risks once they’re identified, and support supervision efforts to assess a competency of financial institutions risk assessments and AML/CFT policies and procedures. Some of the key changes to the EBA’s guidance includes enhanced due diligence for high-risk third countries, as well as guidance on crowdfunding, corporate finance, PISPs and AISPs and currency exchange activities. The EBA’s press release on this consultation can be found here.
February 11, 2020