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Sweden Not To Apply AML Rules To AISPs
The Swedish Financial Supervisory Authority (Finansinspektionen) has informed the European Banking Authority (EBA) that it will not be applying its new anti-money laundering guidelines to account information service providers (AISPs), it has announced.
The guidelines, which it published in March this year, are supposed to apply in October. However, the Finansinspektionen has opted out of making AISPs comply because the country's Money Laundering Act does not cover account information services.
The EBA's new guidelines include step-by-step approaches to aspects of anti-money laundering/counter-terrorism financing (AML/CTF) supervision that national regulators have found particularly difficult, according to the EU's banking watchdog.
Among other things, they refer to the ways in which supervisors should spot and manage AML/CTF risks, including de-risking practices (by which firms offset AML risk by turning down business) in some sectors or member states.
In these guidelines, the EBA has added a legal definition for de-risking, alongside such terms as "ad-hoc inspection", "AML/CFT returns", "follow-up inspection", "full-scope onsite inspection", "off-site review", "emerging risk", "residual risk", "supervisory tools" and "thematic inspection".
