177. Competent authorities should verify that the outline covers all elements set out in Article …

Competent authorities should verify that the outline covers all elements set out in Article 8(4)⁶² AMLD and substantiate how the applicant credit institution will ensure it can mitigate and manage effectively the ML/TF risks to which it is exposed as of the day of access to the market.

9.4.6 Internal audit function

⁶² It reads: ‘The policies, controls and procedures referred to in paragraph 3 shall include: (a) the development of internal policies, controls and procedures, including model risk management practices, customer due diligence, reporting, record-keeping, internal control, compliance management including, where appropriate with regard to the size and nature of the business, the appointment of a compliance officer at management level, and employee screening; (b) where appropriate with regard to the size and nature of the business, an independent audit function to test the internal policies, controls and procedures referred to in point (a)’.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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