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& nbsp & nbspTheano Theiopoulou & nbsp; & nbsp;
A call on financial institutions to ensure that they comply with sanctions against Russia following the invasion of Ukraine and to facilitate access to basic payment accounts for refugees is the message given by the European Banking Authority (European Banking Authority) Banking Authority).
In a post last Friday, it stated that “the European Banking Authority strongly condemns the recent developments that have had a significant impact on the state, society and economy of Ukraine. Following the invasion of Ukraine, the EU Council adopted restrictive measures against Russia and Belarus, which require financial action. EBA shall cooperate with the competent authorities to ensure the proper implementation of these restrictive measures by all financial institutions. In this context, EBA will collect and filter questions about the scope of the restrictive measures, as they apply to banks, and will forward them to the EU Commission, which will answer them. EBA will continue to monitor and closely assess the situation to inform the decisions and actions required to mitigate short- and medium-term risks and is ready to act within its remit. “
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EBA emphasizes the need for European banks and other financial institutions to implement and comply with the restrictive measures adopted in response to the Ukrainian crisis. Financial institutions should evaluate the adequacy and effectiveness of internal controls and governance to ensure compliance with these measures and to adapt or improve systems and procedures as appropriate.
Competent Authorities work to ensure the adequacy of internal controls and governance in the supervised entities. Competent authorities also work closely with supervised institutions, financial intelligence units (FIUs) and law enforcement agencies to detect, monitor and raise awareness of fraud and financial crime and prevent circumvention of restrictive measures. This will help ensure that EU restrictive measures are applied uniformly throughout the financial sector and that the single market is functioning properly. EBA strongly encourages banks and other financial institutions to carefully consider the prudential and business impact of the short-term and long-term risks they face in the light of these geopolitical developments.
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