+7. Unless otherwise specified, terms used and defined in Directive (EU) 2015/849 have the same …
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7. Unless otherwise specified, terms used and defined in Directive (EU) 2015/849 have the same …
Unless otherwise specified, terms used and defined in Directive (EU) 2015/849 have the same meaning in the guidelines. In addition, for the purposes of these guidelines, the fol-lowing definitions apply: | De-risking | a refusal to enter into or a decision to terminate business relationships with individual customers or categories of customers associated with higher ML/TF risk, or to refuse to carry out higher ML/TF risk transactions. | | ML/TF risk | the likelihood and impact of ML/TF taking place. | | ML/TF risk factors | variables that, either on their own or in combination, may increase or de-crease ML/TF risk. | | Risk‐based approach | means an approach whereby competent authorities and credit and finan-cial institutions identify, assess and understand the ML/TF risks to which institutions are exposed and take AML/CFT measures that are proportion-ate to those risks. | | Jurisdictions associated with higher ML/TF risk | means countries that, based on an assessment of the risk factors set out in Title I of these guidelines, present a higher ML/TF risk. This excludes ‘high - risk third countries’ identified as having strategic deficiencies in their AML/CFT regime, which pose a significant threat to the Union’s financial system (Article 9 of Directive (EU) 2015/849). |
1. Overview
1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
| Source |
Requirement |
3. Related Standards
Standards
| Source |
Requirement |
- EBA - Published by the European Banking Authority at https://www.eba.europa.eu/
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