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The European Banking Authority (EBA) published today a Report presenting the conclusions of its assessment on the topic of innovative uses of consumer data by financial institutions. The Report looks at both the risks and potential benefits of this innovation and identifies a number of requirements under EU law applying to financial institutions, which mitigate many of the risks identified by the EBA. The Report concludes that no additional, industry-specific legislative or regulatory requirements are needed at present, but the EBA will continue to monitor closely this innovation. The Report encourages cooperation between supervisory authorities across all relevant policy areas and contributes to fostering a consistent supervisory approach to innovation in the financial sector.

The European Banking Authority (EBA) published today its annual consumer trends report for 2017. The Report covers the retail banking products that fall in the EBA's consumer protection mandate, including mortgages, personal loans, deposits, payment accounts, payment services and electronic money. The report also provides an overview of the topical issues identified in 2017 that may impact consumers and other market participants, namely indebtedness, banking fees and costs, selling practices, innovation in payments, foreign currency loans, alternative financial services providers, and innovative uses of consumer data.

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today draft regulatory technical standards (RTS) to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against money laundering and terrorist financing.

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today its final Guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT). The Guidelines promote a common understanding of the risk-based approach to AML/CFT and set out how it should be applied. . These Guidelines are part of the ESAs’ wider work on fostering a consistent and effective approach to AML/CFT by both, credit and financial institutions, and AML/CFT supervisors. The Guidelines provide credit and financial institutions with the tools they need to make informed, risk-based decisions on the effective management of individual business relationships and occasional transactions for AML/CFT purposes.