The European Banking Authority (ΕΒΑ) published, on 14 June 2022, the attached Guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849. The Guidelines apply from 1 December 2022 and are addressed both to competent authorities as defined in Article 4(2)(iii) of Regulation (EU) No 1093/2010 and to credit institutions and financial institutions as defined in Articles 3(1) and 3(2) of Directive (EU) 2015/849, which are financial sector entities referred to in Article 4(1a) of Regulation (EU) No 1093/2010.
These Guidelines set out clear requirements for the role, duties and responsibilities of the Compliance Officer and the management body for combating money laundering and terrorist financing. They clarify that credit or financial institutions should appoint a member of their management body who will be ultimately responsible for the implementation of AML/CFT obligations as well as the duties and functions of this person. They also describe the role and responsibilities of the AML/CFT Compliance Officer and for his or her appointment by the management body in accordance with proportionality criteria. Where the credit or financial institution is part of a group, the Guidelines provide that an AML/CFT Compliance Officer should be appointed for the whole group and specify the duties and responsibilities of the AML/CFT Officer.
The ICCS urges all Life insurance undertakings to comply fully with the EBA Guidelines by implementing relevant sound policies, controls and procedures.
Guidelines on AMLCFT compliance officers.pdf