Raise the bar: European Banking Authority revises Guidelines on ML/TF risk factors

Denis O’Connor, a Fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment, was a member of the British Bankers’ Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group’s Board and Editorial Panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the UK and abroad.

The European Banking Authority (EBA) recently proposed changes to its Guidelines [1] on money laundering / terrorist financing (ML/TF) risk factors, in light of the latest EU legislation, the emergence of new risks and weaknesses identified in the EBA’s implementation review. Since the Guidelines are addressed to banks operating in the EU, financial crime staff in these institutions would, says Denis O’Connor, be well advised to review the latest draft and think, accordingly, about how to enhance their own firm’s systems and controls.