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By Sofia BADARI, ABBL
The European Banking Authority (EBA) is tasked with fostering a common approach to help national competent authorities and financial institutions across the EU to tackle money laundering and terrorist financing (ML/TF). In March 2021, the EBA published its revised guidelines on money laundering and terrorist financing risk factors, addressed to both financial institutions and supervisory authorities.
The revision was deemed necessary based on the Commission and the EBA’s reviews which had highlighted challenges in the implementation and supervision of the risk-based approach to AML/CTF. The revision aims at strengthening financial institutions’ risk-based approaches and supporting the development of effective supervisory...
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