EBA has published its biennial opinion on the ML and TF risks affecting the EU financial sector. The risks cover those of the whole sector as well as parts of it, and cover risks previously identified as well as new risks. The EBA stresses:
- risks stemming from Covid-19 and how they are monitored, which require urgent action;
- risks relating to virtual currencies and innovative financial services, previously identified;
- differences in regulatory treatment of financial institutions’ involvement in facilitating or handling tax-related crimes; and
- a continuing trend of derisking.
EBA has also produced a new tool to help navigate the Opinion.