Guidelines

AI Summary of Guidelines

Version date: 1 March 2021 - onwards

Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 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 (‘’The ML/TF Risk Factors Guidelines’’), repealing and replacing Guidelines JC/2017/37


	1. Compliance and reporting obligations
	2. Subject matter, scope and definitions (updated 30 December 2024)
	3. Implementation
	Title I: General Guidelines
	Guideline 1: Risk assessments: key principles for all firms (1.1-1.32)
	1.1
	General considerations (1.2-1.5)
	1.2
	1.3
	1.4
	1.5
	Keeping risk assessments up to date (1.6-1.10)
	1.6
	1.7 (updated 30 December 2024)
	1.8
	1.9
	1.10
	Business-wide risk assessments (1.11-1.17)
	1.11
	1.12
	1.13
	1.14
	1.15
	Proportionality (1.16)
	1.16
	Implementation (1.17)
	1.17
	Linking the business-wide and individual risk assessments (1.18-1.20)
	1.18
	1.19
	1.20
	Individual risk assessments (1.21-1.28)
	1.21
	1.22
	Initial Customer Due Diligence (1.23-1.25)
	1.23
	1.24
	1.25
	Obtaining a holistic view (1.26-1.27)
	1.26
	1.27
	Ongoing customer due diligence (1.28)
	1.28
	Sources of information (1.29-1.32)
	1.29
	1.30
	1.31
	1.32
	Guideline 2: Identifying ML/TF risk factors (2.1-2.21)
	2.1
	2.2
	Customer risk factors (2.3-2.8)
	2.3
	2.4 (updated 30 December 2024)
	2.5
	2.6
	2.7 (updated 3 November 2023)
	2.8
	Countries and geographical areas (2.9-2.15)
	2.9
	2.10
	2.11
	2.12
	2.13
	2.14
	2.15
	Products, services and transactions risk factors (2.16-2.19)
	2.16
	2.17
	2.18
	2.19
	Delivery channel risk factors (2.20-2.21)
	2.20
	2.21
	Guideline 3: Assessing ML/TF risk (3.1-3.9)
	3.1
	Taking a holistic view (3.2-3.3)
	3.2
	3.3
	Weighting risk factors (3.4-3.7)
	3.4
	3.5
	3.6
	3.7
	Categorising risk (3.8-3.9)
	3.8
	3.9
	Guideline 4: CDD measures to be applied by all firms (4.1-4.78)
	4.1
	4.2
	4.3
	4.4
	Customer due diligence (4.5-4.39)
	4.5
	4.6
	4.7
	4.8
	Financial inclusion and de-risking (4.9-4.11)
	4.9
	4.10
	4.11
	Beneficial owners (4.12-4.25)
	4.12
	Beneficial ownership registers (4.13)
	4.13
	Control through other means (4.14-4.18)
	4.14
	4.15
	4.16
	4.17
	4.18
	Identifying the customer’s senior managing officials (4.19-4.22)
	4.19
	4.20
	4.21
	4.22
	Identifying the beneficial owner of a public administration or a state-owned enterprises (4.23-4.25)
	4.23
	4.24
	4.25
	Evidence of identity (4.26-4.37)
	4.26
	4.27
	4.28
	Non-face to face situations (4.29-4.31)
	4.29 (updated 30 December 2024)
	4.30
	4.31
	Using innovative technological means to verify identity (4.32-4.37)
	4.32
	4.33
	4.34
	4.35 (updated 30 December 2024)
	4.36
	4.37
	Establishing the nature and purpose of the business relationship (4.38-4.39)
	4.38
	4.39
	Simplified customer due diligence (4.40-4.44)
	4.40
	4.41
	4.42
	4.43
	4.44
	Enhanced customer due diligence (4.45-4.68)
	4.45
	4.46
	4.47
	Politically Exposed Persons (4.48-4.52)
	4.48
	4.49
	4.50
	4.51
	4.52
	High-risk third countries (4.53-4.57)
	4.53
	4.54
	4.55
	4.56
	4.57
	Correspondent relationships (4.58-4.59)
	4.58
	4.59
	Unusual transactions (4.60-4.61)
	4.60 (updated 30 December 2024)
	4.61 (updated 30 December 2024)
	Other high-risk situations (4.62-4.65)
	4.62
	4.63
	4.64
	4.65
	Other considerations (4.66-4.68)
	4.66
	4.67
	4.68
	Monitoring (4.69-4.78)
	4.69
	4.70
	4.71
	Transaction monitoring (4.72-4.75)
	4.72
	4.73
	4.74 (updated 30 December 2024)
	4.75
	Keeping CDD information up to date (4.76-4.78)
	4.76
	4.77
	4.78
	Guideline 5: Record-keeping (5.1-5.2)
	5.1
	5.2
	Guideline 6: Training (6.1-6.3)
	6.1
	6.2 (updated 30 December 2024)
	6.3
	Guideline 7: Reviewing effectiveness (7.1-7.2)
	7.1
	7.2
	Title II: Sector-specific Guidelines
	Guideline 8: Sectoral guideline for correspondent relationships (8.1-8.3)
	8.1
	8.2
	8.3
	Risk factors (8.4-8.9)
	Product, service and transaction risk factors (8.4-8.5)
	8.4
	8.5
	Customer risk factors (8.6-8.7)
	8.6 (updated 30 December 2024)
	8.7
	Country or geographical risk factors (8.8-8.9)
	8.8 (updated 30 December 2024)
	8.9
	Measures (8.10-8.25)
	8.10
	8.11
	8.12
	8.13
	Respondents based in non-EEA countries (8.14-8.17)
	8.14
	8.15
	8.16
	8.17
	Respondents based in EEA countries (8.18-8.19)
	8.18
	8.19
	Respondents established in high-risk third countries, and correspondent relationships involving high-risk third countries (8.20-8.25)
	8.20
	8.21
	8.22
	8.23
	8.24
	8.25
	Guideline 9: Sectoral guideline for retail banks (9.1-9.24)
	9.1
	9.2
	9.3
	Risk factors (9.4-9.11)
	Product, service and transaction risk factors (9.4-9.5)
	9.4
	9.5
	Customer risk factors (9.6-9.7)
	9.6
	9.7
	Country or geographical risk factors (9.8-9.9)
	9.8
	9.9
	Distribution channel risk factors (9.10-9.11)
	9.10
	9.11
	Measures (9.12-9.24)
	9.12
	Enhanced customer due diligence (9.13-9.14)
	9.13
	9.14
	Simplified customer due diligence (9.15)
	9.15
	Pooled accounts (9.16-9.19)
	9.16 (updated 30 December 2024)
	9.17 (updated 30 December 2024)
	9.18 (updated 30 December 2024)
	9.19
	Customers that offer services related to crypto-assets (9.20-9.24) (updated 30 December 2024)
	9.20 (updated 30 December 2024)
	9.21 (updated 30 December 2024)
	9.22 (updated 30 December 2024)
	9.23 (updated 30 December 2024)
	9.24
	Guideline 10: Sectoral guideline for electronic money issuers (10.1-10.18)
	10.1
	10.2 (updated 30 December 2024)
	Risk factors (10.3-10.10)
	Product risk factors (10.3-10.5)
	10.3
	10.4
	10.5
	Customer risk factors (10.6-10.7)
	10.6
	10.7
	Distribution channel risk factors (10.8-10.9)
	10.8
	10.9
	Country or geographical risk factors (10.10)
	10.10
	Measures (10.11-10.18)
	Customer Due Diligence measures (10.11-10.14)
	10.11
	10.12
	10.13
	10.14
	Enhanced customer due diligence (10.15-10.16)
	10.15
	10.16
	Simplified customer due diligence (10.17-10.18)
	10.17
	10.18
	Guideline 11: Sectoral guideline for money remitters (11.1-11.16)
	11.1
	11.2
	11.3
	11.4
	Risk factors (11.5-11.11)
	Product, service and transaction risk factors (11.5-11.6)
	11.5
	11.6
	Customer risk factors (11.7-11.8)
	11.7
	11.8
	Distribution channel risk factors (11.9-11.10)
	11.9
	11.10
	Country or geographical risk factors (11.11)
	11.11
	Measures (11.12-11.16)
	11.12
	11.13
	11.14
	11.15
	Use of agents (11.16)
	11.16
	Guideline 12: Sectoral guideline for wealth management (12.1-12.8)
	12.1
	12.2
	12.3
	Risk factors (12.4-12.6)
	Product, service and transaction risk factors (12.4)
	12.4
	Customer risk factors (12.5)
	12.5
	Country or geographical risk factors (12.6)
	12.6
	Measures (12.7-12.8)
	12.7
	Enhanced customer due diligence (12.8)
	12.8
	Guideline 13: Sectoral guideline for trade finance providers (13.1-13.24)
	13.1
	13.2
	13.3
	13.4
	13.5
	13.6
	Risk factors (13.7-13.15)
	13.7
	13.8
	13.9
	Transaction risk factors (13.10-13.11)
	13.10
	13.11
	Customer risk factors (13.12-13.13)
	13.12
	13.13
	Country or geographical risk factors (13.14-13.15)
	13.14
	13.15
	Measures (13.16-13.24)
	13.16
	13.17
	13.18
	Enhanced customer due diligence (13.19-13.23)
	13.19
	13.20
	13.21
	13.22
	13.23
	Simplified customer due diligence (13.24)
	13.24
	Guideline 14: Sectoral guideline for life insurance undertakings (14.1-14.23)
	14.1
	14.2
	14.3
	14.4
	14.5
	Risk factors (14.6-14.13)
	Product, service and transaction risk factors (14.6-14.7)
	14.6
	14.7
	Customer and beneficiary risk factors (14.8-14.9)
	14.8
	14.9
	Distribution channel risk factors (14.10-14.11)
	14.10
	14.11
	Country or geographical risk factors (14.12-14.13)
	14.12
	14.13
	Measures (14.14-14.23)
	14.14
	14.15
	14.16
	14.17
	Enhanced customer due diligence (14.18-14.22)
	14.18
	14.19
	14.20
	14.21
	14.22
	Simplified customer due diligence (14.23)
	14.23
	Guideline 15: Sectoral guideline for investment firms (15.1-15.12)
	15.1 (updated 30 December 2024)
	15.2
	Risk factors (15.3-15.8)
	Product, service or transaction risk factors (15.3-15.4)
	15.3
	15.4
	Customer risk factors (15.5-15.6)
	15.5
	15.6
	Distribution channel risk factors (15.7)
	15.7
	Country or geographical risk factors (15.8)
	15.8
	Measures (15.9-15.12)
	15.9
	15.10
	15.11
	15.12
	Guideline 16: Sectoral guideline for providers of investment funds (16.1-16.22)
	16.1
	16.2
	16.3
	16.4
	Risk factors (16.5-16.12)
	Product, service or transaction risk factors (16.5-16.7)
	16.5
	16.6
	16.7
	Customer risk factors (16.8-16.9)
	16.8
	16.9
	Distribution channel risk factors (16.10-16.11)
	16.10
	16.11
	Country or geographical risk factors (16.12)
	16.12
	Measures (16.13-16.22)
	16.13
	16.14
	Enhanced Customer Due Diligence (16.15-16.18)
	16.15
	16.16
	16.17
	16.18
	Simplified Customer Due Diligence (16.19-16.22)
	16.19
	16.20
	16.21
	16.22
	Guideline 17: Sectoral guideline for regulated crowdfunding platforms (17.1-17.8)
	17.1
	17.2
	17.3
	Risk factors (17.4-17.9)
	Product, service and transaction risk factors (17.4-17.5)
	17.4 (updated 30 December 2024)
	17.5
	Customer risk factors (17.6)
	17.6 (updated 30 December 2024)
	Distribution channel risk factors (17.7-17.8)
	17.7
	17.8
	Country or geographical risk factors (17.9)
	17.9
	Measures (17.10-17.17)
	17.10
	17.11
	17.12
	17.13
	Customer due diligence (17.14-17.15)
	17.14
	17.15
	Enhanced customer due diligence (17.16)
	17.16
	Simplified customer due diligence (17.17)
	17.17
	Guideline 18: Sectoral guideline for payment initiation service providers (PISPs) and account information service providers (AISPs) (18.1-18.15)
	18.1
	18.2
	18.3
	Risk factors (18.4-18.7)
	Customer risk factors (18.4)
	18.4
	Distribution channel risk factors (18.5)
	18.5
	Country or geographical risk factor (18.6-18.17)
	18.6
	18.7
	Measures (18.8-18.15)
	18.8
	18.9
	18.10
	18.11
	Customer due diligence (18.12-18.15)
	18.12
	18.13
	Enhanced customer due diligence (18.14)
	18.14
	Simplified customer due diligence (18.15)
	18.15
	Guideline 19: Sectoral guideline for firms providing activities of currency exchange offices (19.1-19.12)
	19.1
	19.2
	Risk factors (19.3-19.7)
	Product, service and transaction risk factors (19.3-19.4)
	19.3
	19.4
	Customer risk factors (19.5)
	19.5
	Distribution channel risk factors (19.6)
	19.6
	Country or geographical risk factors (19.7)
	19.7
	Measures (19.8-19.12)
	19.8
	Customers due diligence (19.9-19.10)
	19.9
	19.10
	Enhanced customer due diligence (19.11)
	19.11
	Simplified customer due diligence (19.12)
	19.12
	Guideline 20: Sectoral guideline for corporate finance (20.1-20.9)
	20.1
	20.2
	Risk factors (20.3-20.5)
	Customer and beneficiary risk factors (20.3-20.4)
	20.3
	20.4
	Country or geographical risk factors (20.5)
	20.5
	Measures (20.6-20.9)
	20.6
	Enhanced customer due diligence (20.7)
	20.7
	Simplified due diligence (SDD) (20.8-20.9)
	20.8
	20.9
	Guideline 21: Sectoral Guideline for crypto-asset services providers (CASPs) (updated 30 December 2024)
	Annex: Customers that are NPOs (updated 3 November 2023)

Previous Next

Log in

Request a trial

The best way to experience Better Regulation is to try it - free and without obligation.

Take a trial

Table of Contents

Document Overview

AI Summary of Guidelines

Guidelines