+70. The credit or financial institution which outsources tasks of the AML/CFT compliance function …

70. The credit or financial institution which outsources tasks of the AML/CFT compliance function …

The credit or financial institution which outsources tasks of the AML/CFT compliance function should entrust its AML/CFT compliance officer with:

  • i) monitoring the service provider ’ s performance to ensure that the outsourcing effectively enables the credit or financial institution to comply with all its legal and regulatory AML/CFT obligations;
  • ii) carrying out a regular control of compliance by the service provider with the commitments arising from the agreement. In accordance with the documented analysis, the regular control should ensure that the AML/CFT compliance function is provided with means to test and monitor regularly and occasionally compliance with the obligations incumbent upon the service provider. As regards its customer’s data, the AML/CFT compliance function and the competent authority should have access rights to the systems/databases of the service provider;
  • iii) reporting on the outsourcing to the management body as part of the AML/CFT compliance officer’s activity report or whenever circumstances require, in particular so that any necessary remediation measures are implemented as soon as possible.

1. Overview

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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.

    DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.