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ARTICLE · 28 FEBRUARY 2020

Anti-Money Laundering - Risk Factor Guidelines To Be Revised - Consultation Open

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The EBA cites changes in the legislative framework and the emergence of new risks as reasons for the review.

European UnionGovernment, Public Sector
Keith Waine
Keith Waine
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Background

On 5 February 2020, the European Banking Authority ("EBA") issued a consultation paper in relation to a revision of the guidelines issued by the European Supervisory Authorities in January 2018 on simplified and enhanced customer due diligence ("CDD") and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing risk (the "Risk Factor Guidelines").

The consultation paper was issued by the EBA as, since the beginning of this year, the EBA is the only one of the three supervisory authorities with direct responsibility for anti-money laundering and countering the financing of terrorism ("AML/CFT"). Further centralisation of AML/CFT supervision in the EU is likely to feature in the European Commission's forthcoming AML/CFT action plan.

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