New EBA Guidelines – Management Body and AML/CFT Compliance Officer

The fight against anti-money laundering and the financing of terrorism is important. The role of the AML/CFT or compliance officer has been more specified in guidelines from the European Banking Authority (EBA). The EBA Guidelines clarify the role of the board and the compliance function and give more detailed guidance on the role, tasks and performance of the compliance function in a financial institution. This article gives an overview of new requirements and the results of these guidelines in France, Germany, Italy, the Netherlands, Portugal, Spain and the United Kingdom.