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

3. Related Standards

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