Tag Archives: ESAs
ESAs publish CDD opinion
The joint committee of the ESAs has published an opinion on the use of innovative solutions towards CDD. The opinion forms part of wider work on the “responsible and effective” use of innovation to enhance AML/CFT controls. The opinion looks at the balance between making controls more efficient against potentially weakening AML/CFT safeguards. The ESAs’ […]
ESAs publish draft group AML risk RTS
The ESAs have published draft RTS under MLD4 on how credit and financial institutions should manage their AML/TF risks at group level where their group includes branches or major subsidiaries in third countries that do not permit group wide policies to be used. The RTS include practical steps institutions should take, such as: getting customer […]
Commission asks ESAs for retail product evaluation
The Commission has published its formal request to the ESAs to report to it on the cost and past performance of the main categories of retail investment, insurance and pension products. It notes the reporting should be based on what is required under key EU legislation, and appreciates the amount of work is such that […]
ESAs publish wire transfer guidelines for PSPs
The Joint Committee of the ESAs has published guidelines under the revised Wire Transfer Regulation which was part of the MLD4 package, and that requires payment service providers to establish specific information about the payer and payee in electronic transactions, to combat terrorist financing and money laundering. In an effort to harmonise regulatory expectations across the EU, the guidelines ‘set […]
ESAs report on risks and vulnerabilities in the EU financial system
On 21 September 2017, the Joint Committee of the European Supervisory Authorities, published its September 2017 report on risks and vulnerabilities in the EU financial system, identifying Brexit and FinTech as two of the main risks to the EU financial system. Brexit: The UK’s decision to withdraw from the EU and the uncertainties around the […]
ESAs publish further Q&As on the Key Information Document for PRIIPs
Further guidance on the Key Information Document (KID) under PRIIPs was published by ESAs today in the form of questions and answers (Q&A). The Q&A includes additional questions and answers to those published on 4 July 2017 as well as diagrams to explain the risk and rewards calculations required to prepare the KID. The updated […]
ESAs advise the Commission on PRIIPs with environmental or social objectives
The European Supervisory Authorities (ESAs) have submitted their technical advice to the European Commission (the Commission) to set minimum requirements, which manufacturers of PRIIPs with environmental or social (EOS PRIIPs) objectives should comply with to ensure their products meet the retail investors’ needs. The ESAs addressed four areas: (i) specific environmental or social objectives, (ii) disclosure of specific investment […]
ESAs answer questions on the KID requirements for PRIIPs
The ESAs have published the first set of question and answers (Q&A) related to the KID requirements for PRIIPs. The purpose of the Q&A is to promote a common supervisory approach to the implementation of the KID. Stakeholders are invited to submit new questions and the ESAs will continue to answer further questions and will […]
ESAs publish central contact point recommendations
The ESAs have published draft RTS to help Member States work out when PSPs and E-money issuers should appoint a “central contact point” to help effective AML oversight of the activities of their networks in “host” Member States.
ESAs publish MLD4 AML/CFT guidelines
The ESAs have published their final guidelines on AML and CFT required under MLD4. The guidance is intended for credit and financial institutions and should provide them with the tools they need to make risk-based decisions on their management of business relationships and occasional transactions. There are some general guidelines and some sector-specific ones. The […]
ESAs publish MLD4 RBA translations
The ESAs have published the official translations of the guidelines on the characteristics of a risk-based approach to AML and TF supervision under MLD4. It finalised the guidelines last November, but the translation triggers their national application. The deadline for compliance is 23 June.
ESAs warn on AML risks
The European Supervisory Authorities have warned the European Commission about the risks of money laundering and terrorist finance that affect the EU financial sector. The ESAs think many firms do not properly understand and manage their ML/TF risk, and also says firms sometimes find it hard to get information and intelligence that might speed up […]