EBA Issues New Guidelines on Customer Access to Financial Services

Through the guidance, the EBA aims to aid institutions in developing common ML/TF risk management practices and common understandings to help safeguard access to financial products and services for customers, particularly the most vulnerable.

Guidance is provided on:

• Compliance and reporting obligations;
• Subject matter, scope and definitions;
• Implementation of guidelines.

Firms should read the new EBA guidelines, and ensure that their processes align with the guidance.