Looking Ahead: European Developments - Horizon Scanner: Finance

AML

The European Banking Authority's (EBA) public consultation on four draft regulatory technical standards (RTS) that will be part of the EBA's response to the European Commission's Call for Advice on RTS that must be developed by the new EU Anti-Money Laundering Authority (AMLA) closes on 6 June 2025.

The four proposed RTS focus on:

• How AMLA will decide which institutions will be subject to direct AMLA supervision.
• How the ML/TF risk associated with each institution will be determined.
• The extent and quality of information that institutions will have to obtain as part of the customer due diligence process under the new AML/CFT regime. The EBA is proposing a framework within which institutions can choose the most appropriate approach if that approach complies with the new AML Regulation. For example, the EBA lists the types of documents and sources of information that institutions should consult, rather than specifying the documents and sources