The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, and the Institute of International Finance (IIF), the global association of the financial industry, have submitted joint comments in response to the European Banking Authority’s (EBA’s) consultation on de-risking announced in December.

The EBA issued the consultation with the aim of ensuring that customers, especially the most vulnerable ones, are not denied access to financial services without valid reason and are not marginalised from the financial system due to banks de-risking due to anti-money laundering and counter financing of terrorism (AML/CFT) rules.

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