The European Banking Authority (EBA) has issued guidelines for the roles and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CTF) compliance officers.

The guidelines also cover the management body of credit and financial institutions.

Its aim is to establish a common interpretation and adequate implementation of AML/CFT internal governance arrangements across the EU in line with requirements of the EU Directive, which aims to prevent money laundering and terrorist financing in the financial system.

There is a clear set of expectations on the role, tasks and responsibilities of the AML/CFT compliance officer and management body.

They specify that credit or financial institutions should appoint one member of their management body that will ultimately be responsible for the implementation of the AML/CFT obligations and clarify the tasks and functions of that person.

It also outlines the roles and responsibilities of the AML/CFT compliance officer, when the person is appointed by the management body pursuant to the proportionality criteria. When the credit or financial institution is part of a group, the Guidelines prescribe that a group AML/CFT compliance officer should be appointed and clarify this person’s tasks and responsibilities.

Find the full list of guidelines here.

The EBA recently published its final draft Regulatory Technical Standards detailing the information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

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