On 6 December 2022, the European Banking Authority (EBA) launched a public consultation on new Guidelines on the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services. The guidelines aim to ensure that customers, especially the most vulnerable ones, are not denied access to financial services without good reason.
The EBA reports that access to basic financial products and services is a prerequisite for participation in modern economic and social life. However, such access is not always ensured.
The EBA launched the public consultation on two sets of guidelines:
- The first refers to adding a new section to the EBA’s Guidelines on ML/TF risk factors, which set out what financial institutions should do to identify and tackle ML/TF risk.
- The second one addresses effective management of ML/TF risks by financial institutions when providing access to financial services.
Comments to the consultations can be sent to the EBA by clicking on the ‘send your comments’ button on the consultation page. The consultation will close on 6 February 2023.
More details can be found here:
https://www.eba.europa.eu/eba-consults-new-guidelines-tackle-de-risking