The European Banking Authority (EBA) published its final revised Guidelines on money laundering and terrorist financing risk factors on 1 March 2021.
The Guidelines are addressed to both financial institutions and supervisory authorities. They set out factors that firms should consider when assessing money laundering and terrorist financing risk associated with a business relationship or occasional transaction. In addition, they provide guidance on how financial institutions can adjust their customer due diligence measures to mitigate money laundering and terrorist financing risk they have identified so as to make them more appropriate and proportionate.
The revised Guidelines will apply three months after publication in all EU official languages. Upon the date of application, the original Risk Factor Guidelines (JC/2017/37) will be repealed and replaced with the revised Guidelines.
For further information on the Guidelines, click here.
Source: www.riskcompliance.biz