The European Banking Authority [EBA] has issued new guidelines for firms to ensure that customers have access to financial services they require to participate in society, and are not denied access on unsubstantiated AML/CTF grounds.
Through the guidance, the EBA aims to aid institutions in developing common ML/TF risk management practices and common understandings to help safeguard access to financial products and services for customers, particularly the most vulnerable.
Guidance is provided on:
- Compliance and reporting obligations;
- Subject matter, scope and definitions;
- Implementation of guidelines.
Firms should read the new EBA guidelines, and ensure that their processes align with the guidance.