What EBA Guidelines on ML/TF Risk Factors (EBA/GL/2021/02 as amended) - Risk-Based Customer Due Diligence for EU Financial Sector Obliged Entities requires
The European Banking Authority (EBA) Guidelines on ML/TF Risk Factors (EBA/GL/2021/02, originally issued 1 March 2021 under Articles 17 and 18(4) of Directive (EU) 2015/849 (4AMLD) and Article 16 of Regulation (EU) 1093/2010, amended by EBA/GL/2023/03 of 31 March 2023, which added the annex on customers that are not-for-profit organisations, and by EBA/GL/2024/01 of 16 January 2024, which extended the Guidelines to crypto-asset service providers with application from 30 December 2024) operationalise the risk-based approach to customer due diligence (CDD) for credit and financial institutions across the EU. The Guidelines set out factors that obliged entities must consider when assessing money-laundering and terrorism-financing risk associated with a business relationship or occasional transaction: customer risk factors (legal form, ownership structure, beneficial ownership, politically exposed person (PEP) status, source of wealth), geographic risk factors (high-risk third countries, comprehensive sanctions jurisdictions, jurisdictions identified by FATF), product service and transaction risk factors (private banking, correspondent banking, trade finance, crypto-asset transfers above EUR 1,000, anonymous transactions), and channel or delivery risk factors (non-face-to-face onboarding, agent networks, third-party introducers). The Guidelines prescribe sector-specific guidance for retail banks, private banking, corporate banking, life insurance, asset management, investment firms, crowdfunding service providers under Regulation 2020/1503, e-money issuers, payment institutions, and crypto-asset service providers under MiCA (Regulation 2023/1114) and the recast Transfer of Funds Regulation 2023/1113. Obliged entities must document their methodology, calibrate enhanced due diligence (EDD) and simplified due diligence (SDD) thresholds against the Guidelines, and integrate the EBA risk-factor catalogue into their AML/CFT risk assessment. National competent authorities (NCAs) supervise compliance; the EU Anti-Money Laundering Authority (AMLA), established by Regulation (EU) 2024/1620 with its seat in Frankfurt, began operations on 1 July 2025 and is scheduled to begin direct supervision of selected high-risk cross-border credit and financial institutions in 2028, with the EBA Guidelines remaining in force until replaced. The Guidelines are the operational backbone of the 4AMLD / 5AMLD / 6AMLD risk-based approach and the carry-over framework into the 2024 EU AML Package (Regulation 2024/1624 AMLR, Directive 2024/1640 AMLD6 and Regulation 2024/1620 establishing AMLA).
Pillar: Financial Crime, AML & Sanctions · Authority: European Banking Authority (EBA); EBA/GL/2021/02 issued 1 March 2021 under Articles 17 and 18(4) of Directive (EU) 2015/849 and Article 16 of Regulation (EU) 1093/2010; amended by EBA/GL/2023/03 of 31 March 2023 (annex on not-for-profit organisation customers) and by EBA/GL/2024/01 of 16 January 2024 (extension to crypto-asset service providers under MiCA, applicable from 30 December 2024) · Version: 1.1.0 · Last updated:
Primary source: https://www.eba.europa.eu/legacy/regulation-and-policy/regulatory-activities/anti-money-laundering-and-countering-financing-1
SHA-256 integrity: c36e4e35940e626096be65aa564317bac012c7032e38b8920eaa2381ad88cb34
Primary Citations — 8 traced to source
- EBA Guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (EBA/GL/2021/02), issued 1 March 2021 under Articles 17 and 18(4) of Directive (EU) 2015/849 and Article 16 of Regulation (EU) 1093/2010, published at https://www.eba.europa.eu/legacy/regulation-and-policy/regulatory-activities/anti-money-laundering-and-countering-financing-1
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (4AMLD) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, Articles 13, 14, 15, 17, 18, 18a, 20, 33, 39, 40 - the legal anchors for CDD, SDD, EDD, PEPs, STR/SAR, tipping off, and record-keeping
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