Financial Crime World

European Investment Bank Strengthens Anti-Money Laundering and Combating Financing of Terrorism Framework

Luxembourg, [Date]

The European Investment Bank (EIB) has announced the adoption of a new Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Framework aimed at preventing and combating money laundering and terrorist financing.

Key Features of the AML/CFT Framework

  • Ensures all transactions and business relationships with counterparties are conducted with the highest standards of transparency, integrity, and security
  • Outlines measures to identify and verify the identity of beneficial owners, assess the purpose of business relationships, and monitor transactions on a risk-sensitive basis
  • Requires all EIB Group staff and governing bodies to implement the principles established in the AML/CFT Framework

Implementation and Reporting

  • All members of the EIB Group staff and governing bodies are required to implement the principles established in the AML/CFT Framework
  • Any suspected incidents of illegal behavior or suspicious transactions must be reported immediately
  • Procedures for reporting suspicious transactions and activities to the Financial Intelligence Unit (FIU) of the Grand Duchy of Luxembourg are outlined

Sanctions Compliance

  • The EIB’s sanctions compliance policy ensures that all transactions are conducted in accordance with applicable EU and international sanctions regulations

Processing Personal Data

  • Procedures for processing personal data in relation to AML/CFT purposes are outlined
  • Rights of data subjects and measures to ensure the security and confidentiality of personal data are included

Framework Review and Training

  • The EIB’s AML/CFT Framework is reviewed regularly by the Head of Compliance, with updates proposed as necessary
  • Regular training for all staff on AML/CFT matters, including processing personal data, is required

Quote from [Name], Head of Compliance at the EIB

“We are committed to ensuring that our transactions and business relationships are conducted in a manner that is transparent, secure, and compliant with all applicable laws and regulations. Our new AML/CFT Framework reflects our commitment to preventing and combating money laundering and terrorist financing, while also protecting the rights of data subjects.”

Access the EIB’s AML/CFT Framework

The EIB’s AML/CFT Framework is available on its website at [link].