EBA extends its Guidelines on ML/FT risk factors to CASPs

26th January 2024

The FIAU would like to inform subject persons that the European Banking Authority (EBA) has extended its ML/FT Risk Factors Guidelines on money laundering and funding of terrorism (ML/FT) to include crypto-asset service providers (CASPs).

This means that the Guidelines will now highlight ML/FT risk factors and mitigating measures that CASPs will need to consider. It explains how CASPs should adjust their mitigating measures, including the use of blockchain analytics tools. Furthermore, it offers guidance to other financial institutions and credit entities that have CASPs as customers or which are exposed to crypto assets.

In addition to addressing CASPs, the updated guidelines consider amendments to the EU AML/CFT legal framework, and emerging ML/FT risks. They include new guidance on ML/TF risk assessments, customer due diligence for beneficial owners and compliance with the provisions on enhanced customer due diligence related to high-risk third countries. They also include new sectoral guidance on crowdfunding platforms, corporate finance, payment initiation services providers (PISPs), account information service providers (AISPs) and for firms providing activities of currency exchange offices.

It should be noted that these amended guidelines will apply from 30 December 2024.

The amended guidelines can be accessed either on the FIAU’s website by clicking here or through the EBA’s website by clicking here.