On 1 March 2021, the European Banking Authority (“EBA”) published its final revised guidelines regarding money laundering (“ML”) and terrorist financing (“TF”), setting out the factors that financial institutions and supervisory authorities should take into account when assessing the ML/TF risk associated with a business relationship or occasional transaction.
Among other aspects, the guidelines outline how financial institutions can adjust their customer due diligence measures to mitigate the ML/TF risk they have identified so as to make them more appropriate and proportionate.
Furthermore, the revised version includes new guidance on the identification of beneficial owners, the use of innovative solutions to identify and verify customers’ identities, and how financial institutions should comply with legal provisions on enhanced customer due diligence related to high-risk third countries.
The full press release is available here, and the guidelines are available here.
