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THE REVISION OF THE ESA RISK FACTOR GUIDELINES


The EBA has launched a consultation into the revision of The Risk Factor Guidelines.

The consultation ends on 5 May 2020.


https://eba.europa.eu/file/744263/download?token=Jtkd_bpH


The existing Guidelines will be repealed and replaced with the revised version.


The UK ‘onshoring’ process relating to financial services regulation removes references to The Risk Factor Guidelines.


However, this initiative is evidence of the EBA taking on its new lead role with respect to AML/CTF with some purpose.


Given the stated EU legislative position is for supervisory standards to converge within the EU-27 and the role of all three ESAs is determining equivalence, it seems inconceivable that the UK will be able to ignore the revised Guidelines.


For what its worth, our view has always been that The Risk Factor Guidelines are first-rate and very accessible. They are better than the JMLSG Guidance which can’t be ignored (of course) as it has HM Treasury approval and statutory status as a defence to potential ML infringements.


Here is a link to the EBA AML/CTF factsheet (11pp).


All this has to be seen in the context of the UK leaving the EU, the EBA desire for convergence and the UK’s need for equivalence.


https://eba.europa.eu/sites/default/documents/files/document_library/News%20and%20Press/Press%20Room/Press%20Releases/2020/EBA%20acts%20to%20improve%20AML/CFT%20supervision%20in%20Europe/AML%20CFT%20Factsheet.pdf

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