69. Credit and financial institutions should follow the outsourcing process, as set out in the …

Credit and financial institutions should follow the outsourcing process, as set out in the EBA’s guidelines on outsourcing arrangements, when outsourcing operational tasks of the AML/CFT compliance officer function to a service provider. This includes the identification and assessment of relevant risks of the outsourcing arrangement, the justification of the decision to outsource in light of the objectives pursued (whether it aims to ensure an optimal allocation of AML/CFT resources throughout the group or on the basis of the proportionality criteria), undertaking due diligence on the prospective service provider, and the contractualisation of the outsourcing agreement.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/