EBA is concerned that, despite the high inherent risk of money laundering and terrorist finance in the payments sector, PIs generally do not manage their risks adequately. This is exacerbated by supervisors often not doing enough to provide effective supervision, with the result that PIs can establish in countries with weak controls and then operate throughout the EU on a cross border basis. EBA’s report notes several failings, in relation to many of which its expectations are set out in its guidelines and calls on firms and supervisors to implement them more robustly.