EPIF is happy to share with you its Press Release on the impact of the AML Regulation on low-value gift cards and e-money products. The Head of the EPIF Secretariat, Nickolas Reinhardt, stated that “The proposal to remove the exemption is not necessary and disproportionate. There is a very low risk of such products being [...]

EPIF has co-signed a Joint Statement to keep the option for anonymous low risk, low value e-money products in the EU anti-money laundering Rulebook. The retention of such exemption can be incorporated in EU Regulation in a compliant way and following a risk-based approach, without being in conflict with EU legislation and the FATF requirements. [...]

EPIF is delighted to share with you the Joint Industry One Pager that it has co-signed on the CDD exemption for low risk E-Money Products  (Article 12 AMLD) within the future AML/CTF Framework. EPIF considers this to be an important exemption, which is to the great benefit of consumers and that plays an important role [...]

EPIF is delighted to share with you its response to the EBA Consultation on new  Guidelines on the use of remote customer onboarding solutions. EPIF very much welcomes the Guidelines but points out that further clarity should be provided. The use of plain language throughout the Guidelines would help regulators and businesses understand what is [...]

EPIF is delighted to share with you its response to the Commission AML Package. EPIF very much welcomes the Commission’s proposals as part of the AML package. We have been strong supporters of moving to greater harmonization in the EU Anti-Money Laundering (AML) framework and we very much welcome the fact that parts of the [...]

EPIF welcomes this EBA Guidelines and we are supportive of the aim of establishing a formal framework to ensure effective cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units thus enabling and facilitating the efficient and effective supervision and coordinated supervisory actions where necessary. EPIF fully agrees We agree on the importance of identifying synergies between the work of the different authorities and build on these synergies to foster a more effective approach to both, prudential and AML/CFT supervision, while avoiding unnecessary duplications and respecting the autonomy of the different authorities’ respective roles, tasks and competencies.

EPIF is delighted to share with you our contribution to the Financial Action Task Force (FATF) project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards, focusing on the issue of bank de-risking EPIF fully supports the Financial Action Task Force (FATF) efforts to look into the unintended [...]

EPIF would like to point that that most of the main money transfer operators (MTO) providing their services in Europe have experienced the unilateral closure of their bank accounts and the refusal to offer them banking services in breach of Article 36 PSD2 in different Member States. This poses an existential threat to their activities, employees and customers in that country and the continuation of this practice threatens to undermine the AML/CFT protections in place by driving MTOs out of the market and leading customers to use unlicensed illegal channels. Moreover, this process even more accelerated in the past months with the COVID-19 crisis.

EPIF is delighted to share with you its response to the Commission consultation on an action plan for a comprehensive Union policy on preventing money laundering and terrorist financing.

EPIF is delighted to share with you its response to the EBA consultation on the revised guidelines on risk factors.