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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

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George Apostolou
George Apostolou
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  • Partner
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Chiara Deceglie
Chiara Deceglie
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  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
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Philip Graham
Philip Graham
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  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
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  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

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  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
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Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Group General Counsel
  • Cayman Islands

EBA initiates a public consultation on draft guidelines on the role and responsibilities of AML/CFT compliance officers

On 2 August 2021, the European Banking Authority (EBA) 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. The guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group.

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.

The provisions set out in these guidelines should be applied in a manner that is effective and proportionate to the financial sector operator’s type, size, internal organisation, the nature, scope and complexity of its activities, and the ML/TF risks to which the financial sector operator is exposed.

Through these guidelines, the EBA aims to achieve a common understanding, by competent authorities and financial sector operators, of financial sector operators’ AML/CFT governance arrangements. Once adopted, they will apply to all financial sector operators that are within the scope of the AML Directive.

This consultation runs until 2 November 2021.

The EBA’s press release can be found here.

The consultation paper on draft guidelines can be found here.