EBA Publishes Final Guidelines On Role Of AML/CFT Compliance Officers

On 14 June 2022, the European Banking Authority (EBA) published its final 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 the Fourth Money Laundering Directive (Directive (EU) 2015/849) (the Guidelines).

The Guidelines follow publication, on 2 August 2021, of a consultation paper in which the views of stakeholders were sought on the proposed draft guidelines (Consultation Paper).

The Guidelines can be accessed here.

Background

The Fourth Money Laundering Directive requires that Member States ensure that firms appoint an AML/CFT compliance officer at management level "where appropriate with regard to the size and nature of the business."¹ The Directive also requires Member States to ensure that, "where applicable", firms that have a management body (e.g. a Board of Directors) identify the member of the management body who is