143. Competent authorities should pay specific attention to avoiding the setting up of …

Competent authorities should pay specific attention to avoiding the setting up of non-transparent or unnecessarily complex structures that have no clear economic rationale or legal purpose or that could be used for an objective connected to money laundering or other financial crimes⁵⁰ .

⁵⁰ Paragraph 76 of the EBA Guidelines on internal governance reads: ‘Institutions should avoid setting up complex and potentially non-transparent structures. Institutions should take into account in their decision-making the results of a risk assessment performed to identify whether such structures could be used for a purpose connected with money laundering or other financial crimes and the respective controls and legal framework in place [..]’.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/