EBA publishes its Guidelines on role and responsibilities of the AML/CFT compliance officer

Wednesday 15 June 2022 11:00 CET | News

The European Banking Authority (EBA) has published its Guidelines specifying the role and responsibilities of the AML/CFT compliance officer and of the management body of credit or financial institutions.

These Guidelines aim to ensure a common interpretation and adequate implementation of AML/CFT internal governance arrangements across the EU, in line with the requirements of the EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (ML/FT).

These Guidelines set expectations on the role, tasks, and responsibilities of the AML/CFT compliance officer and the management body. They specify that credit or financial institutions should appoint one member of their management body who will ultimately be responsible for the implementation of the AML/CFT obligations and clarify the tasks and functions of that person. 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.

These Guidelines complement but do not replace relevant guidelines issued by the EBA on wider governance arrangements and suitability checks.

The EBA drafted these Guidelines in line with its legal mandate to lead, coordinate, and monitor the EU financial sector’s fight against money laundering and terrorist financing (ML/TF).

In drafting these Guidelines, the EBA fulfills a Commission’s request in its Supra-National Risk Assessment (SNRA) of 2019 to develop guidance that ‘clarifies the role of AML/CFT compliance officers in credit and financial institutions’. 

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Keywords: AML, CFT, compliance, financial institutions, risk management
Categories: Fraud & Financial Crime
Companies: EBA
Countries: Europe
This article is part of category

Fraud & Financial Crime


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