4.24

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Final Report - Guidelines EBA/2021/02 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') under Directive (EU) 2015/849 (EBA/GL/2021/02) (updated 30 December 2024)
Guidelines
Title I: General Guidelines
Guideline 4: CDD measures to be applied by all firms (4.1-4.78)
Customer due diligence (4.5-4.39)
Beneficial owners (4.12-4.25)
Identifying the beneficial owner of a public administration or a state-owned enterprises (4.23-4.25)
4.24

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Version date: 1 March 2021 - onwards

In those cases, and in particular where the risk associated with the relationship is increased, for example because the state-owned enterprise is from a country associated with high levels of corruption, firms should take risk-sensitive steps to establish that the person they have identified as the beneficial owner is properly authorised by the customer to act on the customer’s behalf.

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