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EBA publishes guidelines on internal policies, procedures and controls on restrictive measures

14 November 2024

EBA publishes guidelines on internal policies, procedures and controls on restrictive measures

The European Banking Authority (EBA) released two sets of guidelines on internal policies, procedures, and controls to ensure the implementation of EU and national restrictive measures.

 

The guidelines establish consistent standards across the EU to assist financial institutions (FIs) comply with EU and national restrictive measures. The first set of guidelines applies to all institutions supervised by the EBA while the second set is specific for payment service providers (PSPs).

Key requirements include:

  • Implementing governance frameworks which make the management body responsible for complying with restrictive measures;
  • Conducting regular assessments to identify risks specifically related to restrictive measures; and
  • Providing regular and role-specific training for employees on restrictive measures.

Firms should review the guidelines and ensure that their internal policies, procedures and controls are robust enough to sufficiently comply with EU and national restrictive measures.
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