EBA Statement on Actions to Mitigate Financial Crime Risks During COVID-19

Tue Apr 28 2020

The European Banking Authority (EBA) supports the measures taken and proposed by national governments and EU bodies to address the adverse systemic economic impact of the COVID-19 pandemic in the form of a general moratorium, payment holidays stemming from public measures or industry-wide payment relief initiatives taken by credit institutions. The EBA has also clarified efforts to alleviate the immediate operational burden on banks by making use of the flexibility embedded in the relevant regulatory frameworks.

At the same time, safeguarding the integrity of financial markets is a shared objective of the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) and prudential frameworks. It is essential to preserving the effectiveness and stability of the EU’s financial system. The EBA reminds credit and financial institutions that it remains important to continue to put in place and maintain effective systems and controls to ensure that the EU’s financial system is not abused for money laundering or terrorist financing (ML/TF) purposes whilst asking competent authorities to support them in this regard.

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