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

Here are the key points summarizing the document:

Purpose: The document outlines the guidelines for financial institutions to implement effective anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Key Points:

1. Risk Assessment: Financial institutions must conduct regular risk assessments to identify and manage potential AML/CFT risks.
2. Customer Due Diligence: Institutions must verify customer identity, perform background checks, and monitor transactions for suspicious activity.
3. Transaction Monitoring: Transactions exceeding certain thresholds or exhibiting unusual patterns must be reported to the relevant authorities.
4. Suspicious Transaction Reporting: Financial institutions must report suspected AML/CFT activities to the relevant authorities promptly.
5. System Testing: Institutions must regularly test their systems and processes to ensure they remain effective in detecting and preventing AML/CFT activity.
6. Training and Awareness: Financial institutions must provide training and awareness programs for employees to prevent AML/CFT violations.
7. Independent Audits: Institutions must conduct independent audits to ensure compliance with AML/CFT regulations.

Conclusions:

The document emphasizes the importance of implementing effective AML/CFT measures to protect financial systems from abuse. Financial institutions must prioritize risk assessment, customer due diligence, transaction monitoring, suspicious transaction reporting, system testing, training and awareness, and independent audits to prevent AML/CFT violations.