The European Banking Authority (EBA) has launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers.
Following the launch, the guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group. Once adopted, these guidelines will apply to all financial sector operators that are within the scope of the AML Directive.
Mapping out how pivotal the consultation is, the body stated: “The draft guidelines comprehensively address, for the first time at the level of the EU, the whole AML/CFT governance set-up.
“They set clear expectations of the role, tasks and responsibilities of the AML/CFT compliance officer and the management body and how they interact, including at group level. AML/CFT compliance officers need to have a sufficient level of seniority, which entails the powers to propose, on their own initiative, all necessary or appropriate measures to ensure the compliance and effectiveness of the internal AML/CFT measures to the management body in its supervisory and management function.”
All contributions received will be published following the close of the consultation, unless requested otherwise.
The EBA will hold a virtual public hearing on the draft guidelines on 28 September 2021 from 10:00 to 12:00 Paris time. The dial-in details will be communicated to those who have registered for the meeting.
Legal basis and background
The EBA drafted these guidelines in line with its legal mandate to lead, coordinate and monitor the EU financial sector’s fight against ML/TF.
In drafting these guidelines, the EBA fulfills a request by the 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’.