EBA pushes against expedient de-risking of non-profits in trouble zones

The European Banking Authority (EBA) has released formal guidance to European Union (EU) banking regulators on tackling the unfair removal of access by non-profits to financial services over association with a high-risk jurisdiction. EU regulators, said the EBA, should insist local banks carefully assess the ML/TF risk posed by specific non-profits.

By Keith Nuthall

The European Banking Authority (EBA) has released formal guidance to European Union (EU) banking regulators on tackling the unfair removal of access by non-profits to financial services over association with a high-risk jurisdiction. EU regulators, said the EBA, should insist local banks carefully assess the ML/TF risk posed by specific non-profits.