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Related insights:

RESIDENCY Applying for residence in Malta

Any EU, EEA or third country national who resides in Malta for more than 3 months is obliged to apply for a Residence Permit. There are various grounds upon which an applicant may apply to require a residence permit

01 Oct 2019

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European Banking Authority

EBA extends its ML/TF Risk Factor Guidelines to include CASPs

By:

Wayne Pisani,

Ruth Esposito

30 Jan 20242 min read

The European Banking Authority (EBA) has recently expanded its Guidelines on Money Laundering and Funding of Terrorism (ML/FT) Risk Factors to encompass Crypto-Asset Service Providers (CASPs).

Contents

Key considerations for CASPs and other financial institutions

The expansion of these Guidelines implies that they will now offer insights into the mitigating measures that should be adopted. The document explains how CASPs can tailor their risk mitigation strategies, incorporating the utilization of blockchain analytics tools. Moreover, it provides guidance to other financial institutions and credit entities that either have CASPs as clients or are exposed to crypto assets.

In addition to focusing on CASPs, the revised guidelines also consider amendments to the EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legal framework, along with emerging ML/FT risks. The enhancements include fresh directives on ML/TF risk assessments, customer due diligence concerning beneficial owners, and adherence to provisions related to enhanced customer due diligence for dealings with high-risk jurisdictions. The guidelines further introduce sector-specific guidance for crowdfunding platforms, corporate finance, payment initiation services providers (PISPs), account information service providers (AISPs), and entities engaged in currency exchange office activities.

It is crucial to note that these updated guidelines will come into effect on December 30, 2024. Interested parties can access the amended guidelines through the EBA's official website here.

Next Steps: Explore Compliance Solutions with Grant Thornton

In the ever-changing landscape of risk management within the financial industry, staying ahead of regulatory shifts is imperative for financial institutions. Grant Thornton stands ready to assist you in comprehending and adhering to the latest guidelines.

How we can support you:

Thorough Analysis:

Acquire a profound understanding of how the European Banking Authority's guidelines on crypto-asset risk factors impact your organization.

Tailored Risk Management Solutions:

Deploy customized risk management strategies to meet your specific needs, ensuring compliance and addressing potential issues effectively.

Expert Advisory Services:

Schedule a consultation with our specialists to explore the implications of Cryptocurrency Service Providers (CASPs) inclusion and discover tailored solutions for your business.

Strategic Planning:

Collaborate with our team to devise a strategic plan aligned with the evolving regulatory landscape, ensuring your organization's long-term sustainability.

Compliance Assurance:

Leverage our expertise to establish and uphold robust compliance frameworks that align with EBA guidelines and industry best practices.

Stay ahead, stay compliant. Connect with Grant Thornton today to embark on a journey toward regulatory resilience and sustainable growth.

EBA extends its ML/TF Risk Factor Guidelines to include CASPs

Key considerations for CASPs and other financial institutions

Next Steps: Explore Compliance Solutions with Grant Thornton

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