Wholesale de-risking of correspondent relationships irrespective of banks’ individual AML/CFT efforts says EBA report
Correspondent banking relationships have been terminated because financial institutions are de-risking due to anti-money laundering and counter financing of terrorism (AML/CFT) rules according to a report published by the European Banking Authority (EBA). Respondent banks that contributed to the EBA report on de-risking and its…
Diamond dealers amongst traders worst hit by unwarranted AML/CFT de-risking says EBA
Diamond dealers, car traders, hairdressers and coffee shops are amongst businesses worst affected by financial institutions de-risking due to anti-money laundering and counter financing of terrorism (AML/CFT) rules according to a report published by the European Banking Authority (EBA). The EBA report on de-risking and…
Fraud prevention and AML/CFT applications amongst most frequently used regtech solutions says EBA
Fraud prevention and anti-money laundering and countering the financing of terrorism (AML/CFT) are amongst the five most frequently used regtech solutions in the EU banking sector according to a new report published by the European Banking Authority (EBA). Based on information obtained from surveys and…
EBA publishes updated AML and CFT risk factor guidelines
The European Banking Authority (EBA) has released updated guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing money laundering and terrorist financing (ML/TF) risks associated with individual business relationships and occasional transactions. The guidelines aim to support firms’…
EBA’s Opinion on the risks of ML/TF affecting the EU’s financial sector
The European Banking Authority (EBA) has published its biennial Opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The Opinion specifically contemplates the exposure of credit providers to trade-based money laundering (TBML), otherwise it identifies and provides a list…
