In autumn 2021, the EBA held a workshop at the recommendation of its Payments Regulation Sounding Board to discuss the interpretation and implications of the EU Directive 2020/284 (EU VAT Fraud Directive).

As an outcome of the workshop, a note has been published to raise awareness on the potential impact that the Directive will have on payment service providers.

The Directive introduces new record keeping and potential reporting obligations on European payment service providers (PSPs) effective 1 January 2024.

Today, the EBA released the ““EBA CBCS – Common Baseline Classification Standard for Corporate-to-Bank KYC in low-risk situations”. Created and promoted by practitioners, this classification standard consists of a harmonised set of datapoints for a standard corporate-to-bank KYC process in low-risk situations. It is aimed at being used at a pan-European level and at supporting a uniform customer experience across Europe.

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Learn more about the Expert Group on KYC-related Topics

The Euro Banking Association (EBA) today released a report on current developments in digital money, such as Central Bank Digital Currencies (CBDC) and stablecoins. The report provides a comprehensive overview of these new forms of digital money and how banks can prepare themselves for their implementation and adoption. 

The report covers Central Bank Digital Currencies (CBDC) and privately issued stablecoins (either bank or third-party issued), both of which have become increasingly topical over the past year.