ARTICLE · 04 MARCH 2021

New AML/CFT Risks And Additional Sectoral Guidance: The EBA Revised Guidelines

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On the 1 March 2021, the European Banking Authority (the "EBA") published the revised Guidelines on customer due diligence and the factors credit and financial institutions should consider when...

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Catherine Formosa

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On the 1 March 2021, the European Banking Authority (the "EBA") published the revised Guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions under Articles 17 and 18(4) of Directive (EU) 2015/849 (the "CDD and Risk Factor Guidelines").

Addressed to competent authorities and to credit and financial institutions as defined in Directive 2015/849 (the "4^th AMLD") (and therefore including also, amongst others, insurance undertakings and investment firms) , upon date of application, the CDD and Risk Factor Guidelines will repeal the original guidelines (JC/2017/37) (the "Original Guidelines"). The CDD and Risk Factor Guidelines will apply three months after publication across the EU.

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