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AML/CFT Regulatory Developments

On 14 June 2022, the EBA published Guidelines (the Guidelines) on the role and responsibilities of the AML/CFT compliance officer and of the management body of credit and financial institutions.

AML/CFT Compliance continues to be identified as an area of
strategic priority by the Central Bank of Ireland (CBI), with its recently
published annual report for 2021 showing that 34 inspections and 87 review meetings were completed, while 630 Risk Evaluation Questionnaires were issued.

In addition to the increasing levels of supervisory engagements we are seeing, the roles and responsibilities of those charged with AML/CFT compliance is also evolving and there have been significant developments recently at the EBA and the CBI.

This article should be of interest to MLROs, Heads of Compliance/AML, as well as the Board and the Executive.

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