Guidelines on policies and controls for the effective management of ML/TF risks when providing access to financial services

EBA has translated the Guidelines on policies and controls for the effective management of ML/TF risks when providing access to financial services into the official EU languages and published them on the EBA website.
To recall, the guidelines (EBA/GL/2023/04) provide guidance on effective management of ML/TF risks by financial institutions when providing access to financial services. These guidelines clarify the interaction between access to financial services and institutions’ AML/CFT obligations, including in situations where customers have legitimate reasons to be unable to satisfy CDD requirements. The guidelines also set out the steps institutions should take when considering whether to refuse or terminate a business relationship with a customer based on ML/TF risk or AML/CFT compliance grounds.
Competent authorities will have two months after publication to report whether they comply with the guidelines, and the guidelines will apply three months after the publication in all EU official languages.