Gls on restrictive measures (EBA GL 2024 14 and EBA GL 2024 15)_HU_COR.pdf

Here are the key points summarized:

Financial Institutions' Responsibilities

1. Implement effective screening systems to detect and prevent money laundering.
2. Conduct regular testing of their screening systems to ensure they remain effective.
3. Evaluate the performance of their screening systems and make necessary corrections.

Screening System Components

4. Use a combination of human judgment and automated processes for screening.
5. Include all relevant information fields in the screening system.
6. Ensure the screening system is capable of processing large volumes of transactions.

Monitoring and Reporting

7. Monitor transactions in real-time to detect potential suspicious activity.
8. Report any detected suspicious activity or attempts at evasion to the relevant authorities.
9. Provide detailed reports on the effectiveness of their screening systems.

Training and Guidance

10. Provide regular training and guidance to staff on the use of the screening system.
11. Ensure that all staff understand the importance of complying with anti-money laundering regulations.

Compliance and Auditing

12. Conduct regular audits to ensure compliance with anti-money laundering regulations.
13. Maintain accurate records of all transactions and screening activities.

Information Sharing

14. Share information with other financial institutions, regulatory bodies, and law enforcement agencies as necessary.
15. Ensure that all shared information is accurate and reliable.

These are the key points summarized from the document. Let me know if you have any further questions or need more clarification!