June 26, 2017

ESAs published the final guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT). They also published the draft regulatory technical standards set out the criteria member states must consider when deciding whether foreign payment service providers and electronic money issuers should appoint a Central Contact Point to support the fight against money laundering and terrorist financing (ML/TF); they also list the functions this Central Contact Point will have to have to discharge its role effectively.

The guidelines on AML/CFT promote a common understanding of the risk-based approach to AML/CFT and set out how this approach should be applied. They provide guidance on the factors that credit and financial institutions should consider when assessing the ML/TF risk associated with a business relationships and occasional transactions. In addition, they set out how credit and financial institutions can adjust the extent of their customer due diligence measures to mitigate the ML/TF risk they have identified. These guidelines are part of the ESAs wider work on fostering a consistent and effective approach to AML/CFT by credit and financial institutions as well as AML/CFT supervisors. ESAs will keep these guidelines under review and update them as appropriate. A first update is foreseen once amendments to the Money Laundering Directive (EU 2015/849) have been agreed. The guidelines will apply by June 26, 2018.

 

Related Links

AML/CFT Guidelines (PDF)

Central Contact Point Standards (PDF)

Keywords: ESA, Europe, AML/CFT, RTS, Banking

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