EBA statement on actions to mitigate financial crime risks in light of COVID-19

Article summary

The European Banking Authority (EBA) has issued a statement designed to clarify its expectations in relation to measures to prevent money laundering and terrorist financing (ML/TF). The EBA reminds credit and financial institutions that it remains important to continue to put in place and maintain effective systems and controls to ensure that the EU’s financial system is not abused for ML/TF purposes, and asks competent authorities to support them in this regard.