• Ameis Regulatory Services

March 1st, the European Banking Authority (EBA) published its final guidelines on money laundering and terrorist financing (ML/TF) risks factors. Drawing on information provided by competent authorities (CAs), among others, the EBA opinion examines diverse risks and proposals for addressing these risks, including:

  • Risks associated with virtual currencies

  • Risks associated with the provision of financial products and services through FinTech firms

  • Risks arising from weaknesses in CFT systems and controls

  • Risks arising from de-risking

  • Risks arising from supervisory divergence

  • Risks associated with crowdfunding platforms

  • Risks arising from divergent approaches to tackling tax-related crimes

  • Risks arising from the COVID-19 pandemic

The EBA outlines that in accordance with article 14(5) AMLD, firms need to apply customer due diligence measures to new and also existing customers at appropriate times on a risk sensitive basis, or when circumstances change. Thus, the revised Guidelines is applicable to new customers as well as to existing customers.

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