EBA publishes final revised Guidelines on money laundering and terrorist financing risk factors

The EBA published today its final revised Guidelines on ML/TF risk factors. The revisions take into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and address new ML/TF risks, including those identified by the EBA’s implementation reviews. In addition to strengthening financial institutions’ risk-based approaches to AML/CFT, the revision supports the development of more effective and consistent supervisory approaches where evidence suggested that divergent approaches continue to exist.

The Guidelines are central to the EBA’s work to lead, coordinate and monitor the fight against money laundering and terrorist financing.

To support firms’ AML/CFT compliance efforts and enhance the ability of the EU’s financial sector effectively to deter and detect ML/TF, these guidelines have been updated regarding:

• business-wide and individual ML/TF risk assessments;
• customer due diligence measures including on the beneficial owner;
• terrorist financing risk factors;
• new guidance on emerging risks, such as the use of innovative solutions for CDD purposes.

Next Steps

The guidelines will be translated into the official EU languages and published on the EBA website.

The deadline for competent authorities to report whether they comply with the guidelines will be two months after the publication of the translations.

The guidelines will apply three months after publication in all EU official languages.

Upon the date of application, the original guidelines (JC/2017/37) will be repealed and replaced with the revised guidelines.

Read or download here:

EBA – Guidelines on money laundering and terrorist financing risk factors

Look at our Solutions for banks & other financial intermediaries.