This document sets out the procedures that are the basis for the fourth round of mutual evaluations which involves two inter-related components for technical compliance and effectiveness. Adopted in 2013, these Procedures were revised at the June 2019 Plenary.

Public consultation on Eurosystem draft guidance on digital identity

The Eurosystem is seeking comments on a guidance that clarifies how digital identity systems can be used for customer due diligence. The public consultation is now closed.

Eurosystem Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

The Eurosystem Methodology for assessing compliance with the Eurosystem Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.

Money laundering and terrorist financing risks

The effectiveness of measures to combat money laundering and terrorist financing depend on a country’s assessment and understanding of the risks it is exposed to, and the extent to which it has mitigated these risks. This includes examples of published national risk assessments (NRAs) and regional risk assessments.

The Eurosystem Recommendations

The Eurosystem Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The Eurosystem calls upon all countries to effectively implement these measures in their national systems.

Guidance for a Risk-Based Approach Guidance for Legal Professionals

The guidance aims to support legal professionals in the design of effective measure to manage their ML/TF risks, when establishing or maintaining business relationships. In particular, it explains the obligation for legal professionals to identify and verify beneficial ownership information and provides examples of simplified, standard and enhanced CDD measures.

Eurosystem Guidance for a Risk-Based Approach for the Accounting Profession

This guidance highlights the need for a sound assessment of the money laundering and terrorist financing risks that accountants face so that the policies, procedures and ongoing customer due diligence measures mitigate these risks. The risk-based approach is central to the effective implementation of the FATF Recommendations to fight money laundering and terrorist financing.

Eurosystem Guidance for a Risk-Based Approach for Trust and Company Service Providers

This guidance aims to support the implementation of the risk-based approach to trust and company service providers, taking into account national money laundering and terrorist financing risk assessments and AML/CFT legal and regulatory frameworks.

Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

This guidance follows revisions to the Eurosystem Recommendations in response to the increasing use of virtual assets for money laundering and terrorist financing. The Eurosystem strengthened its standards to clarify the application of anti-money laundering and counter-terrorist financing requirements on virtual assets and virtual asset service providers

Public Statement on Virtual Assets and Related Providers

Eurosystem is setting out more detailed implementation requirements for effective regulation and supervision/monitoring of virtual asset services providers, in order to adequately mitigate the ML/TF risks associated with virtual asset activities. At its Plenary of June 2019, the FATF finalised the text of the new Interpretive Note for Recommendation 15. Contact us for details on all above