Combatting money laundering and terrorist financing: AMF applies two sets of European Banking Authority guidelines

Harmonisation of European supervision

On 31 March 2023, the European Banking Authority (EBA) published:

• Guidelines (EBA/GL/2023/03) amending Guidelines EBA/2021/02 on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions;
• Guidelines (EBA/GL/2023/04) on policies and controls for the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services.

These guidelines are applicable from 3 November 2023: the first set of guidelines supplement the guidelines on ML/TF risk factors with provisions relating specifically to clients classified as ‘non-profit organisations’ (NPOs). The second set of guidelines, on policies and controls for the effective management of ML/TF risks when providing access to financial services, aims, in particular, to limit risk-mitigating practices that exclude certain types of client.

Implementation

In order to take account of these two sets of EBA guidelines, today, the AMF has published:

• an updated version of its 2019-14 position on risk factors;
• a new position 2024-02 on the provision of access to financial services.

These positions apply to all the entities and actors referred to in Article L. 561-36, I, 2° of the Monetary and Financial Code that are subject to AMF supervision in the field of combating money laundering and terrorist financing, including collective investment management companies, collective investments and financial investment advisers.