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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Requirements
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Standards
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