+13. In addition to the provisions set out in the ESAs ’ guidelines on internal governance , as …

13. In addition to the provisions set out in the ESAs ’ guidelines on internal governance , as …

In addition to the provisions set out in the ESAs ’ guidelines on internal governance14 , as applicable, a credit or fi nancial institution’s management body in its supervisory function should:

  • a) be informed of the results of the business-wide ML/TF risk assessment;
  • b) oversee and monitor the extent to which the AML/CFT policies and procedures are adequate and effective in light of the ML/TF risks to which the credit or financial institution is exposed and take appropriate steps to ensure remedial measures are taken where necessary;
  • c) at least once a year, review the activity report of the AML/CFT compliance officer and obtain interim updates more frequently for activities that expose the credit or financial institution to higher ML/TF risks;
  • d) at least once a year, assess the effective functioning of the AML/CFT compliance function, including by taking into account the conclusions of any AML/CFT-related internal and/or external audits that may have been carried out, including with regard to the appropriateness of the human and technical resources allocated to the AML/CFT compliance officer.

14 EBA guidelines on internal governance under Directive 2013/36/EU: EBA/GL/2021/05; ESMA guidelines on certain aspects of the MiFID II compliance function requirements: ESMA35-36-1946; EIOPA guidelines on system of governance: EIOPA-BoS-14/253 EN

1. Overview

,

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • EBA -

    EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

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