ARTICLE · 09 SEPTEMBER 2021
EBA's New AML Guidelines – A Double-Edged Sword?
Developments in technology, together with globalisation, have been accompanied by the proliferation of certain types of misconduct, with instances of fraud sometimes appearing to increase on a daily basis.
European UnionGovernment, Public Sector
Developments in technology, together with globalisation, have
been accompanied by the proliferation of certain types of
misconduct, with instances of fraud sometimes appearing to increase
on a daily basis.
In an effort to improve competent authorities' and financial
sector operators' understanding of the anti-money laundering
(AML) regulatory framework, on August 2 the European Banking
Authority (EBA) launched a public consultation paper on draft guidelines
regarding the policies and procedures in relation to compliance
management, and the role and responsibilities of the anti-money
laundering and countering the financing of terrorism (AML/CFT)
compliance officer under Article 8 and Chapter VI of
Directive (EU) 2015/849 (the guidelines).
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