Anti-Money Laundering and Countering the Financing of Terrorism

WSBI-ESBG members are committed to combat financial crime efficiently and effectively

Criminals search for ways to white-wash their money stemming from illicit activities such as drug or human trafficking, corruption or gambling. They aim to place, layer and integrate this money oftentimes by using financial services. To stop these criminal activities, the international community has applied standards in the field of anti-money laundering and countering the financing of terrorism (AML/CFT) for over 30 years and continuously adapts them to criminals’ changing methods. Banks play a vital role in the fight against financial crime and are subject to an increasing set of rules in this regard. WSBI-ESBG therefore regularly engages with the Financial Action Task Force (FATF), the global standard setter, as well as the European authorities to contribute to strengthening the international legal framework.

Our position

We welcome the ambition of policy makers to foster international efforts and to adjust standards to the changing circumstances, including challenges stemming from new players in the field of crypto-assets. The regulatory framework must tackle illegal practices effectively while allowing for innovation at the same time.

To avoid de-risking activities, the regulator should provide a smart environment that takes into account the achievements made over the past decades. In order to succeed in this matter, the continuous dialogue between policy makers and banks is essential.

Our latest content on Anti Money Laundering

ESBG responds to EBA consultation on the effective management of money laundering risks when providing access to financial services

In December 2022, the European Banking Authority (EBA) published draft Guidelines on the effective management of

EBIC, chaired by ESBG, addressed policy makers ahead of upcoming trilogue negotiations on AML

Notably, a first ever AML Regulation shall ensure a coherent set of rules for the private sector, including banks.

ESBG responds to the Commission consultation on defining violations of Union restrictive measures

Restrictive measures are an essential tool for maintaining international peace and

WSBI-ESBG shares its position on the draft FATF Guidance on the transparency and beneficial ownership of legal persons

The FATF Recommendations set out global AML/CFT measures and should be implemented by countries in the best way

ESBG’s response to FATF draft amendments on the transparency and beneficial ownership of legal arrangements

Following a white paper on the revision of the rules on the transparency and beneficial ownership

FATF revision of Recommendation 25

The Financial Action Task Force (FATF) aims to better meet its objective of preventing the misuse of legal arrangements for money laundering and terrorist financing (ML/TF) and therefore conducts a…