EBA WARNS CENTRAL BANKS AND REGULATORS OF POTENTIAL INCREASE IN AML/CFT RISK THROUGH COVID-19
March 1st, 2021
THE EUROPEAN Banking Authority (EBA) has warned that national banks and financial regulators within the European Union (EU) to take care financial institutions they monitor do not weaken their AML/CFT controls through Covid-19.
In its latest biennial assessment on AML/CFT risk, the EBA warns that increased remote on-boarding by banks and services unused to handling KYC and CDD online “may expose the financial sector to additional ML/TF risks”. Also, the EBA stressed that financial institution monitoring systems have not always been updated to cover new ...
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