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Article (93/262)
European regulation update: transversal topics
European regulation update: transversal topics

European regulation update: transversal topics


Focus on the latest European regulatory developments

Transversal topics

On 22 September 2017, European Supervisory Authorities publish guidance to prevent terrorist financing and money laundering in electronic fund transfers

The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes.

The joint guidelines aim to set clear, common regulatory expectations of payment service providers’ policies and procedures and to pave the way for a more harmonised and effective pan-European approach to anti-money laundering and countering the financing of terrorism in the funds transfer context.

The guidelines also explain in practical terms what payment service providers should do to detect missing or incomplete information on the payer or the payee, and what they should do when managing a transfer of funds that lacks the required information or receive transfers of funds from a payment service provider that repeatedly fails to provide the required information.

The guidelines will apply from six months after the date on which they are issued.

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On 26 September 2017, EBA and ESMA provide guidance on assessing suitability of management body members and key function holders

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint guidelines on assessing the suitability of members of management bodies and key function holders.

The guidelines aim to harmonise and improve suitability assessments within EU financial sectors, and to ensure sound governance arrangements in financial institutions in line with the Capital Requirements Directive (CRD 4) and MiFID2.

The guidelines highlight the importance for institutions to consider whether candidates have the knowledge, qualification and skills necessary to safeguard proper and prudent management of the institution. The guidelines are also intended to foster more diverse management bodies and contribute to improved risk oversight and resilience of institutions.

The guidelines will apply as of 30 June 2018 to competent authorities across the EU, as well as to institutions on an individual and consolidated basis.

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