30. Policies, procedures and controls should at least cover: a. processes to ensure that the …

Policies, procedures and controls should at least cover:

• a. processes to ensure that the financial institutions have all up-to-date information con-cerning the applicable restrictive measures;
• b. processes to ensure the update of lists and requirements of applicable restrictive measures as soon as they enter into force;
• c. processes to ensure that the restrictive measures exposure assessment remains relevant and up to date;
• d. processes to ensure that policies, procedures and controls are commensurate with the restrictive measures exposure assessment;
• e. processes to ensure that restrictive measures policies and procedures are:

• f. procedures for starting to investigate without delay all potential matches;
• g. if there are true positive matches, procedures that trigger follow-up actions in order to ensure compliance with the applicable restricted measures, including immediate rejection suspension, or freezing, and reporting to relevant national authorities competent for the implementation of restrictive measures or to the competent supervisory authority as re-quired by the applicable laws within the timelines specified by those authorities or the ap-plicable restrictive measures Regulation;
• h. a documented internal organisation that clearly sets out the tasks and responsibilities in relation to restrictive measures, including when outsourcing;
• i. other aspects as specified in Guidelines EBA/GL/2024/15 on internal policies, procedures and controls to ensure the implementation of restrictive measures under Regulation (EU) 2023/1113.

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/