The European Banking Authority has published a Consultation on new EU guidelines for the role, tasks, and responsibilities of AML/CFT Compliance Officers (MLROs). The Consultation is in response to ‘uneven’ implementation of the requirements set out in AMLD5 across EU Member States, a common observation with respect to EU AML law in general. It is this general problem along with others that has spurred the political momentum for the EU Commission to publish its recent comprehensive package on new AML measures.
The draft guidelines, not only delineate the role, tasks, and responsibilities of MLROs, but also the governance of the management body and its relationship with the MLRO. The status of the ‘final’ guidelines is that ‘competent authorities and financial sector operators must make every effort to comply with the guidelines’, however, with the expected establishment of the EU Anti-Money Laundering Authority in 2023, the status of these guidelines could be enhanced, and their scope broadened to cover all subject persons.
The Consultation closes on 2 November 2021.