The European Banking Authority (EBA) has published its final revised guidelines on ML/TF risk factors. The guidelines target both financial institutions and supervisory authorities.
The revised guidelines highlight the factors that firms should consider during ML/TF risk assessments. They guide financial institutions on how to adjust their customer due diligence measures to adequately mitigate ML/TF risks. Furthermore, these revised guidelines complement the AML/CFT supervision efforts of regulatory authorities.
The EBA’s revised guidelines have made more stringent the requirements for individual and business-wide risk assessments and customer due diligence (CDD) measures. The guidelines have added new points about how to identify beneficial owners and customers using novel methods. Moreover, the EBA has included new guidelines for corporate finance, crowdfunding platforms, account information and payment initiation services providers, etc.
Source: European Banking Authority