"The proposed guidance would require one member of a financial institution's management board to be particularly responsible for the company's anti-money-laundering program, though the rest of the board would also carry responsibility.
It also details the responsibilities of anti-money-laundering compliance officers, including in conducting due diligence on customers and reporting suspicious transactions to national authorities. Compliance officers should report directly to the company's management board, according to the proposal. Often, they report to a chief legal officer or general counsel.
The proposed guidance says that strategic decisions related to anti-money-laundering and counterterrorism-financing programs shouldn't be outsourced to third parties.
The EBA also laid out steps for national authorities to take, such as vetting a compliance officer's professional expertise when he is appointed to ensure they are qualified.
One emphasis of the guidance is the requirement for banks to designate a group compliance officer who is responsible for harmonizing a financial institution's approach to anti-money-laundering rules across member states. That piece of guidance echoes a directive the EU issued in 2015.
The EBA said it had analyzed money-laundering scandals and concluded that one cause was a lack of reporting lines between institutions' local offices and their group management bodies.
The requirement places part of the responsibility for developing a consistent, EU-wide approach to anti-money-laundering standards on financial institutions themselves, according to Jasper Helder, a lawyer at law firm Akin Gump Strauss Hauer & Feld LLP in London." [1]
1. Banking & Finance: EU to Offer Guidance on Anti-Money-Laundering Rules
Tokar, Dylan. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 06 Aug 2021: B.10.
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