The European Banking Authority (EBA) has launched a public consultation on new guidelines on the role and responsibilities of AML/CFT compliance officers. The guidelines also cover the AML/CFT governance framework on a wider level. The final, adopted guidelines will apply to all financial sector operators in the scope of the AML Directive.
The proposed guidelines cover, for the first time, the EU-wide AML/CFT governance framework. They clearly specify the role and responsibilities of AML/CFT compliance officers, the management body, and how the two interact. The proposed guidelines state that AML/CFT compliance officers must have a sufficient level of seniority. This will give them the power to propose adequate measures to ensure compliance and AML/CFT effectiveness to the management body.
The guidelines also specify which information the AML/CFT compliance officers must include in their activity reports to the management body. If the financial services operator is part of a group, the guidelines propose that a Group AML/CFT compliance officer be appointed to ensure the effective group-wide AML/CFT policies. The EBA has invited stakeholders to share comments on these proposed guidelines online by November 2, 2021.
Source: European Banking Authority