On the 14th June 2022, the European Banking Authority (“EBA”) published its Guidelines (the “Guidelines”) specifying the roles and responsibilities of the Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) compliance officer, and of the management body of credit or financial institutions.
The aim of the Guidelines is to ensure that there is a common interpretation of AML/CFT internal governance arrangements across the European Union (“EU”). In addition, they aim to provide the basis for adequate implementation which should be 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.
Amongst others, these Guidelines set clear expectations on the role, tasks and responsibilities of the AML/CFT compliance officer, as well as specifying the importance of appointing one member within the management body who will be responsible for the implementation of the AML/CFT obligations.
The Guidelines complement but do not replace relevant guidelines issued by the EBA on wider governance arrangements and suitability checks. The guidelines will apply as of the 1st December 2022.
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