79. The parent credit or financial institution should: a) designate a member of its management body …

The parent credit or financial institution should:

a) designate a member of its management body or senior manager responsible for AML/CFT among the senior managers at the level of the parent undertaking, as well as a group AML/CFT compliance officer;
b) set up an organisational and operational coordination structure at group level with sufficient decision-making power for the group AML/CFT management to make this position effective at managing and preventing ML/TF risks, in line with the proportionality principle and applicable domestic legislation;
c) approve the group's internal AML/CFT policies and procedures and ensure that these are consistent with the group's structure and with the size and characteristics of the credit or financial institutions belonging to it;
d) set up internal AML/CFT control mechanisms at group level;
e) regularly evaluate the effectiveness of the AML/CFT policies and procedures at group level; and
f) for a credit or financial institution that operates branches or subsidiaries domestically, or in another Member State or a third country, appoint a group AML/CFT compliance officer as a coordinator, for ensuring the implementation by all the entities of the group, which are engaged in financial activities, of the group policy and the adequate and appropriate systems and procedures for the effective prevention of ML/TF.

1. Overview

Summary	Regulation

Requirements
Source	Requirement

Standards
Source	Requirement

EBA -
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