In July 2023, we published an Opinion on the risks of ML/TF in the EU's financial sector. The Opinion also sets out what competent authorities can do to mitigate those risks.

We published this Opinion against the background of a changing risk landscape, which impacts financial institutions’ AML/CFT compliance and alters competent authorities’ approaches to supervision. While financial institutions' awareness of ML/TF risks is increasing and AML/CFT supervision is improving, AML/CFT systems and controls are not always effective. In particular, significant challenges remain in institutions’ approaches to transaction monitoring and reporting of suspicious transactions.