• 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.

Recent Posts

See All

EU/ECB Now Supervises Systemic Investment Firms

As of June 26, investment firms are subject to a new European regulatory regime, introducing categories of investment firms to identify large bank-like firms and smaller ones. The largest firms will q

BIS Paper on Fintech Impact on Financial Services

On July 16, the Bank for International Settlements (BIS) published an extensive Paper on the digital transformation of financial services that are shaping the market of small fintech, big tech and tra