European Banking Authority publishes opinion on risks of money laundering and terrorist financing

The European Banking Authority (EBA) has outlined the risks of money laundering and terrorist financing impacting the European Union’s financial sector.

It announced these through its new biennial Opinion. Risks identified by the EBA include those applicable to the entire financial systems, while others are specific to certain sectors.

In the report, the EBA outlines the impact the Covid-19 pandemic has had on firms’ AML and CFT compliance processes and work of competent authorities’ supervision.

One of the risks outlined in the document is around virtual currencies and innovative financial services.

The regulator also commented on the differences in the treatment by competent authorities of financial institutions’ involvement in facilitating or handling tax-related.

To ease the access of information from the opinion, the EBA has released an interactive tool that helps access points covered in the report.

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