New EBA Guidelines Aim To Set Common EU Standard For Applicable Restrictive Measures

On 14 November 2024, the European Banking Authority (EBA) has published two sets of guidelines. The first set of guidelines (EBA/GL/2024/14) is addressed to all financial institutions within the EBA's supervisory remit and the second set of guidelines (EBA/GL/2024/15) is specific addressed to payment service providers (PSPs) and crypto-asset service providers (CASPs). With these guidelines, EBA is aiming to set common EU standards on the governance arrangements and the policies, procedures and controls financial institutions should have in place to be able to comply with the applicable restrictive measures.

Background

Restrictive measures are set at EU level and are developed to safeguard EU values, maintain international peace and security, and consolidate and support democracy, the rule of law and human rights. Union restrictive measures are binding on any person or entity under the jurisdiction of EU Member States and are of particular interest for financial