EBA Guidelines on role and responsibilities of the AML/CFT compliance officer
On 14 June 2022, the European Banking Authority (EBA) published its Guidelines specifying the role 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 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).
The Guidelines set clear 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 be responsible for the implementation of the AML/CFT obligations and clarify the tasks and functions of that person;
- they also describe the roles and responsibilities of the AML/CFT compliance officer, when this person is appointed by the management body pursuant to the proportionality criteria.
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