EUROPEAN BANKING AUTHORITY PUBLIC CONSULTATION ON NEW GUIDELINES ON THE ROLE, TASKS AND RESPONSIBILITIES OF AML/CFT COMPLIANCE OFFICERS

On 29 July, the EBA issued a consultation document, with responses required by 7 November.  It says that there have been a number of reports that suggest that the requirements set out in EU Directive  2015/849 have been implemented unevenly across different sectors and Member States, and that they are not always applied effectively.  This can have adverse consequences for the integrity of the EU’s financial system.  The EBA has a legal duty to prevent the use of the EU’s financial system for AML/CFT purposes, and a mandate to lead, monitor and coordinate the EU financial sector’s fight against laundering and terrorist financing.  The consultation puts forward guidelines which should be applied in a manner that is effective and proportionate to the financial sector operator’s type, size, internal organisation, and the nature, scope and complexity of its activities, and the risks to which the financial sector operator is exposed.

https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Consultations/2021/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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