Due to the diversity of the financial sector operators, it would be helpful if the definitions for the mentioned “management bodies” were accompanied with examples.
The responsibilities of the member of the management body / Senior Manager regarding AML/CTF, seem to overlap (in some cases) the AML/CTF Compliance Officer’s responsibilities.
a. 4.2.1. par.30a
the condition for the AML/CTF Compliance Officer’s reporting line, must be clarified further, because the AML/CTF Compliance Officer should not be subordinate to a person who has responsibility for managing any of the activities the AML/CFT compliance officer monitors. On the other hand, as mentioned in 4.1.6 par.23, the member of the management body / Senior Manager who is responsible for AML/CTF should be the main contact point for the AML/CFT Compliance Officer within the management.
b. 4.2.3. par.35d
What is the meaning of “autonomously”? In financial sector operators there are limitations regarding the HR and IT resources.
c. 4.2.4. par.44
If the AML/CFT Compliance Officer exercises an advisory role before a final decision is taken regarding high-risk customers, it must be taken in to consideration that is a common practice for Business Units to demand a clear statement from their advisors and regarding AML/CTF issues, this is not always feasible. Furthermore, such an approach will cancel the role of the AML/CTF Compliance Officer as a controller.
d. 4.2.4. par.57
Why is mentioned “the AML/CTF Compliance Officer should further contribute to promote the adoption of the right ethical approach within the financial sector operator” as a specific task of? Isn’t it a common task for all the financial sector operator employees?