The European Banking Authority (EBA) has issued a consultation on the role, tasks and responsibilities of anti-money laundering and counter-terrorism financing officers.
According to Regulation Asia, once adopted, the guidelines will apply to all financial sector operators that are within the scope of the EU AML Directive. The draft guidelines will seek to address – for the first time at the EU-level – the whole governance structure of AML/CFT.
The guidelines will also set clear expectations of the role, tasks and responsibilities of the officers and the management body as well as how they interact.
AML/CFT compliance officers are required to have a sufficient seniority level that provides them with the powers to propose all required measures to enable the compliance and effectiveness of internal AML/CFT measures.
The guidelines additionally specify the tasks and role of both senior managers and board members who control AML/CFT, as well as those serving as group AML/CFT compliance officers. The guidelines have also established what information must be included in compliance officers’ activity reports.
Furthermore, the draft guidelines detail that a group AML/CFT compliance officer in a parent company must be appointed to ensure the creation and implementation of group-wide AML/CFT policies and procedures as well as to ensure any shortcomings in the AML/CFT framework are addressed effectively.
The consultation is open for comment until November 2, 2021 and is available here.
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