The EBA has a statutory duty to monitor and assess market developments, including technological innovation and innovative financial services. As part of the EBA’s 2024-25 priorities on innovative applications, the EBA is examining evolutions in the value chain for the distribution of financial products and services.
In October, we published a thematic report on white labelling in financial services. The report sets out the key features of white labelling and identifies potential opportunities and risks, with a focus on potential challenges for consumers and supervisors. The report flags potential AML/CFT issues, including in respect of customer due diligence. Additional challenges include differences in national identification and verification requirements, fragmented procedures, and difficulties ensuring partners comply with regulatory expectations.
