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Table of Contents
Final Guidelines - Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced 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 (JC 2017 37)1. Executive summary2. Background and rationale3. Joint guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced 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 (the Risk Factors Guidelines)Status of these joint guidelinesReporting requirementsTitle I - Subject matter, scope and definitions (3.1-3.8)Subject matter (3.1-3.3)3.13.23.3Scope (3.4-3.7)3.43.53.63.7Definitions (3.8)3.8Title II - Assessing and managing risk: general (3.9-3.71)3.93.10Risk assessments: methodology and risk factors (3.11-3.40)3.11Identifying ML/TF risk (3.12-3.13)3.123.13Sources of information (3.14-3.16)3.143.153.16Risk factors (3.17)3.17Customer risk factors (3.18-3.21)3.183.193.203.21Countries and geographical areas (3.22-3.27)3.223.233.243.253.263.27Products, services and transactions risk factors (3.28-3.31)3.283.293.303.31Delivery channel risk factors (3.32-3.33)3.323.33Assessing ML/TF risk (3.34-3.35)3.343.35Weighting risk factors (3.36-3.38)3.363.373.38Categorising business relationships and occasional transactions (3.39-3.40)3.393.40Risk management: simplified and enhanced customer due diligence (3.41-3.71)3.413.423.43Simplified customer due diligence (3.44-3.48)3.443.453.463.473.48Enhanced customer due diligence (3.49-3.51)3.493.503.51Politically Exposed Persons (3.52-3.53)3.523.53Correspondent relationships (3.54-3.55)3.543.55Unusual transactions (3.56-3.57)3.563.57High-risk third countries and other high-risk situations (3.58-3.61)3.583.593.603.61Other considerations (3.62-3.64)3.623.633.64Monitoring and review (3.65-3.71)Risk assessment (3.65-3.69)3.653.663.673.683.69Systems and controls (3.70)3.70Record keeping (3.71)3.71Title III - Sector-specific guidelines (3.72-3.226)3.723.733.74Chapter 1: Sectoral guidelines for correspondent banks (3.75-3.94)3.753.763.77Risk factors (3.78-3.83)Product, service and transaction risk factors (3.78-3.79)3.783.79Customer risk factors (3.80-81)3.803.81Country or geographical risk factors (3.82-3.83)3.823.83Measures (3.84-3.88)3.843.853.863.873.88Respondents based in non-EEA countries (3.89-3.92)3.893.903.913.92Respondents based in EEA countries (3.93-3.94)3.933.94Chapter 2: Sectoral guidelines for retail banks (3.95-3.112)3.953.963.97Risk factors (3.98-3.105)Product, service and transaction risk factors (3.98-3.99)3.983.99Customer risk factors (3.100-3.101)3.1003.101Country or geographical risk factors (3.102-3.103)3.1023.103Distribution channel risk factors (3.104-3.105)3.1043.105Measures (3.106)3.106Enhanced customer due diligence (3.107)3.107Simplified customer due diligence (3.108)3.108Pooled accounts (3.109-3.112)3.1093.1103.1113.112Chapter 3: Sectoral guidelines for electronic money issuers (3.113-3.127)3.1133.114Risk factors (3.115-3.121)Product risk factors (3.115-3.117)3.1153.1163.117Customer risk factors (3.118-3.119)3.1183.119Distribution channel risk factors (3.120)3.120Country or geographical risk factors (3.121)3.121Measures (3.122-3.124)3.1223.1233.124Enhanced customer due diligence (3.125)3.125Simplified customer due diligence (3.126-3.127)3.1263.1273.1283.1293.1303.131Chapter 4: Sectoral guidelines for money remitters (3.128-3.142)Risk factors (3.132-3.137)Product, service and transaction risk factors (3.132-3.133)3.1323.133Customer risk factors (3.134-3.135)3.1343.135Distribution channel risk factors (3.136-3.137)3.1363.137Country or geographical risk factors (3.138)3.138Measures (3.139-3.141)3.1393.1403.141Use of agents (3.142)3.142Chapter 5: Sectoral guidelines for wealth management (3.143-3.151)3.1433.1443.145Risk factors (3.146-3.148)Product, service and transaction risk factors (3.146)3.146Customer risk factors (3.147)3.147Country or geographical risk factors (3.148)3.148Measures (3.149)3.149Enhanced customer due diligence (3.150)3.150Simplified customer due diligence (3.151)3.151Chapter 6: Sectoral guidelines for trade finance providers (3.152-3.174)3.1523.1533.1543.1553.1563.157Risk factors (3.158-3.160)3.1583.1593.160Transaction risk factors (3.161-3.162)3.1613.162Customer risk factors (3.163-3.164)3.1633.164Country or geographical risk factors (3.165-3.166)3.1653.166Measures (3.167-3.169)3.1673.1683.169Enhanced customer due diligence (3.170-3.173)3.1703.1713.1723.173Simplified customer due diligence (3.174)3.174Chapter 7: Sectoral guidelines for life insurance undertakings (3.175-3.194)3.1753.1763.1773.1783.179Risk factors (3.180-3.187)Product, service and transaction risk factors (3.180-3.181)3.1803.181Customer and beneficiary risk factors (3.182-3.183)3.1823.183Distribution channel risk factors (3.184-3.185)3.1843.185Country or geographical risk factors (3.186-3.187)3.1863.187Measures (3.188-3.190)3.1883.1893.190Enhanced customer due diligence (3.191-3.193)3.1913.1923.193Simplified customer due diligence (3.194)3.194Chapter 8: Sectoral guidelines for investment firms (3.195-3.204)3.1953.1963.197Risk factors (3.198-3.201)Product, service or transaction risk factors (3.198)3.198Customer risk factors (3.199-3.200)3.1993.200Country or geographical risk factors (3.201)3.201Measures (3.202-3.204)3.2023.2033.204Chapter 9: Sectoral guidelines for providers of investment funds (3.205-3.226)3.2053.2063.2073.2083.209Risk factors (3.210-3.217)Product, service or transaction risk factors (3.210-3.212)3.2103.2113.212Customer risk factors (3.213-3.214)3.2133.214Distribution channel risk factors (3.215-3.216)3.2153.216Country or geographical risk factors (3.217)3.217Measures (3.218-3.219)3.2183.219SDD and EDD measures to be taken in the situations described in paragraphs 219a and 219b (3.220-3.221)3.2203.221SDD and EDD measures to be taken in situations described in paragraph 219c (3.222-3.223)3.2223.223SDD and EDD measures to be taken in situations described in paragraph 219d (3.224-3.226)3.2243.2253.226Title IV - Implementation (3.227)Implementation (3.227)3.2274. Accompanying documents4.1. Impact assessment (4.1.1-4.1.59)Introduction (4.1.1-4.1.2)4.1.14.1.2Scope and objectives (4.1.3-4.1.5)4.1.34.1.44.1.5Baseline (4.1.6-4.1.9)4.1.64.1.74.1.84.1.9Consistency with international AML/CFT standards (4.1.10-4.1.20)4.1.10Option 1 (4.1.11-4.1.13)4.1.114.1.124.1.13Option 2 (4.1.14-4.1.16)4.1.144.1.154.1.16Option 3 (4.1.17-4.1.19)4.1.174.1.184.1.19Preferred option (4.1.20)4.1.20Structure of the guidelines (4.1.21-4.1.28)4.1.21Option 1 (4.1.22-4.1.24)4.1.224.1.234.1.24Option 2 (4.1.25-4.1.27)4.1.254.1.264.1.27Preferred option (4.1.28)4.1.28Addressees (4.1.29-4.1.39)4.1.29Option 1 (4.1.30-4.1.32)4.1.304.1.314.1.32Option 2 (4.1.33-4.1.35)4.1.334.1.344.1.35Option 3 (4.1.36-4.1.38)4.1.364.1.374.1.38Preferred option (4.1.39)4.1.39Level of prescription (4.1.40-4.1.49)4.1.40Option 1 (4.1.41-4.1.45)4.1.414.1.424.1.434.1.444.1.45Option 2 (4.1.46-4.1.48)4.1.464.1.474.1.48Preferred option (4.1.49)4.1.49Costs and benefits (4.1.50-4.1.59)4.1.504.1.514.1.52Firms (4.1.53-4.1.56)4.1.534.1.544.1.554.1.56Competent authorities (4.1.57-4.1.59)4.1.574.1.584.1.594.2. Overview of questions for consultation4.3. Views of the stakeholder groups (4.3.60-4.3.62)4.3.604.3.614.3.624.4. Feedback on the public consultation (4.4.63-4.4.84)4.4.634.4.644.4.654.4.664.4.67Summary of key issues and the ESAs' response (4.4.68-4.4.70)4.4.684.4.694.4.70Ensuring the consistent application of these guidelines by national competent authorities (4.4.71-4.4.73)4.4.714.4.724.4.73The status of these draft guidelines, in particular their relationship with existing national and international guidelines (4.4.74-4.4.77)4.4.744.4.754.4.764.4.77Consistency with legal provisions in Union law (4.4.78-4.4.81)4.4.784.4.794.4.804.4.81Distinguishing money laundering and terrorist financing risk factors (4.4.82-4.4.84)4.4.824.4.834.4.84Summary of responses to the consultation and the ESAs' analysis
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Version date: 26 June 2017 - onwards
Reporting requirements
In accordance with Article 16(3) of the ESAs Regulations, competent authorities must notify the relevant ESA of whether they comply or intend to comply with these joint guidelines, or otherwise of reasons for non-compliance, by 26 August 2017. In the absence of any notification by this deadline, competent authorities will be considered by the relevant ESA to be non-compliant. Notifications should be sent to [compliance@eba.europa.eu, compliance@eiopa.europa.eu and compliance@esma.europa.eu] with the reference 'JC/GL/2017/34'. A template for notifications is available on the ESAs' websites. Notifications should be submitted by persons with appropriate authority to report compliance on behalf of their competent authorities.
Notifications will be published on the ESAs' websites, in line with Article 16(3).