EBA internal policies, procedures, and controls guidelines are set to be in force from 30 December 2025
04/06/2025
The European Banking Authority (EBA) has issued guidelines on internal policies, procedures, and controls to ensure the implementation of Union and national restrictive measures.
These guidelines are set to be in force from 30 December 2025
Key Points of the Guidelines:
- Governance Arrangements: Financial institutions must establish robust governance structures to ensure compliance with restrictive measures. This includes clear roles and responsibilities for senior management and adequate internal controls
- Risk Management: Institutions are required to implement comprehensive risk management frameworks that identify, assess, and mitigate risks associated with sanctions evasion and money laundering
- Know Your Customer (KYC): Enhanced KYC procedures are mandated to ensure thorough screening and due diligence of clients, particularly in transactions involving funds and crypto-assets
- Reporting and Monitoring: Regular reporting and monitoring mechanisms must be in place to track compliance and detect any suspicious activities
- Training and Awareness: Continuous training programs for staff to ensure they are aware of the latest regulatory requirements and best practices in sanctions compliance
Implications:
- These guidelines aim to standardise the approach across the EU, ensuring financial institutions are well-equipped to prevent sanctions evasion and money laundering.
- By setting common standards, the EBA seeks to enhance the integrity and security of the economic system.
References
- Guidelines on internal policies, procedures and controls to ensure the ...https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/anti-money-laundering-and-countering-financing-terrorism/guidelines-internal-policies-procedures-and-controls-ensure-implementation-union-and-national
- https://www.eba.europa.eu/sites/default/files/2024-11/eaeae49d-81a5-4154-8af9-5014f6ee8881/Final%20Report%20Guidelines%20restrictive%20measures%20.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.