The European Banking Authority (“EBA”) has published its report on ML/TF Risks Associated with EU Payment Institutions (“PIs”).
The report has found that ML/TF risks within the sector may not be assessed and managed effectively by institutions as well as their supervisors.
The report covers:
- ML/TF risks identified in the payment institutions sector, including risks associated with geography, products and services, delivery channels and emerging risks in the sector;
- Implementation of AML/CFT measures by payment institutions, including weaknesses and breaches identified;
- Supervision of the PI sector; and
- Next steps for the PIs and supervisory authorities.
Firms in the PI sector should read the report to gain further insights into the sector’s ML/TF risks and the EBA’s recommendations.