New AML Guidance from BaFin and FIU
3. Dezember 2024
On 14 November 2024, the European Banking Authority ("EBA") released two sets of guidelines relating to the handling of European and national sanctions by financial institutions and payment service providers. This note provides an overview of key take-aways from these new guidelines. While certain financial institutions are now receiving some regulatory guidance, other companies are facing the challenge of having to establish effective sanctions compliance programs for the very first time. Though not directly applicable, the EBA guidelines might provide some ideas that can be put into practice.
