Featured Product

    ESAs Guidance on Preventing ML/TF in Electronic Fund Transfers

    September 22, 2017

    The Joint Committee of the ESAs published guidelines to prevent the abuse of funds transfers for money laundering and terrorist financing. Under Article 25 of Regulation (EU) 2015/847, these Joint Guidelines specify the measures payment service providers should take to detect missing or incomplete information on the payer or the payee. The guidelines also specify the procedures that service providers should put in place to manage a transfer of funds lacking the required information. The guidelines will apply from six months after the date on which they are issued.

    The joint guidelines set clear, common regulatory expectations of payment service providers' policies and procedures and pave the way for a more harmonized and effective, pan-European approach to AML/CFT in the funds transfer context. These guidelines are part of the ESAs' wider work on fostering a consistent approach to anti-money laundering and countering the financing of terrorism (AML/CFT) and promote a common understanding of payment service providers' obligations in this area. ESAs publicly consulted on a version of these guidelines between April 05, and June 05, 2017. Respondents had welcomed these guidelines and agreed that they clarified regulatory expectations.

     

    Related Link: Guidelines to Prevent ML/FT in Electronic Fund Transfers (PDF)

    Effective Date: March 22, 2018

    Keywords: Europe, EU, Insurance, Banking, Securities, AML/CFT, Electronic Fund Transfer, ML/TF Risk, ESAs

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796