On 14/06/2022, the EBA website published guidance on the role and responsibilities of the AML/CFT compliance officer.
and the governing body of credit or financial institutions. The guidelines will be applied as of 1.12.2022 and address issues relating to:
- The role, tasks and responsibilities of the AML/CFT compliance officer and the governing body;
- the obligation to appoint a board member who will be responsible for implementing AML/CFT obligations;
- tasks and functions of the above-mentioned persons;
- Operational outsourcing of AML/CFT inspector functions.
The guidelines complement existing guidance from supervisors (EBA, ESMA, EIOPA) on broader governance principles and suitability checks.
Interestingly, the guidelines indicate, among other things, that the management body of a financial institution as part of its supervisory function should assess the effectiveness of the AML/CFT compliance function at least once a year, including by taking into account the conclusions of any internal and/or external AML/CFT audits that may have been conducted, including with regard to the adequacy of human and technical resources assigned to the AML/CFT compliance officer.
