EBA Guidelines on effective management of ML/TF risks when providing access to financial services – applicable as of 3 November 2023
On 31 March 2023, the European Banking Authority (EBA) issued Guidelines (EBA/GL/2023/04) on policies and controls for the effective management of ML/TF risks when providing access to financial services.
The FIN-FSA has announced to the EBA it will comply with the Guidelines as applicable.
In accordance with Article 16(3) of the EBA Regulation1, credit and financial institutions must make every effort to comply with EBA guidelines.
The Guidelines complement the EBA ML/TF Risk Factors Guidelines (EBA/GL/2021/02).
The Guidelines provide more specific guidance on policies, procedures and controls credit and financial institutions should have in place to mitigate and effectively manage the risks of money laundering and terrorist financing when providing access to financial services.
The Guidelines also address measures concerning the provision of a basic payment account. A particular aim of the Guidelines is to integrate financial inclusion into the provision of financial services. In accordance with guideline 14 of the Guidelines, credit and financial institutions should document any decision to refuse or terminate a business relationship and the reason for doing so, and should be prepared to make this documentation available to their competent authority upon request.
Entry into force
The Guidelines apply as of 3 November 2023.
For further information, please contact
Jonna Ekström, Chief Legal Counsel, telephone +358 9 183 5531 or jonna.ekstrom(at)fiva.fi
1Regulation (EU) N:o 1093/2010