EUROPEAN BANKING AUTHORITY PUSHES AGAINST UNFAIR DERISKING OF NON-PROFITS IN TROUBLE ZONES
April 11th, 2023
The European Banking Authority (EBA) has released formal guidance to European Union (EU) banking regulators, requesting the unfair removal of access of non-profits to financial services over association with a high-risk jurisdiction. Rather, said the EBA, EU regulators should insist local banks carefully assess the ML/TF risk posed by specific non-profits. The new EBA ‘Guidelines to challenge unwarranted de-risking and safeguard access to financial services to vulnerable customers’ lays down a model system for making such checks (1).
The authority is ...
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