Submission #22

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Association for Financial Markets in Europe

a) Do you consider that these guidelines are conducive to firms adopting risk-based, proportionate and effective AML/CFT policies and procedures in line with the requirements set out in Directive (EU) 2015/849?

We generally welcome the guidelines as they are conducive to firms adopting risk based, proportionate and effective AML/CFT policies and procedures, but we have a number of comments in the attached paper.

b) Do you consider that these guidelines are conducive to competent authorities effectively monitoring firms’ compliance with applicable AML/CFT requirements in relation to individual risk assessments and the application of both simplified and enhanced customer due diligence measures?

We generally consider that the guidelines are conducive to competent authorities monitoring compliance with applicable AML/CFT requirements, but again have a number of comments in the attached paper.

c) The guidelines in Title III of this consultation paper are organised by types of business. Respondents to this consultation paper are invited to express their views on whether such an approach gives sufficient clarity on the scope of application of the AMLD to the various entities subject to its requirements or whether it would be preferable to follow a legally-driven classification of the various sectors; for example, for the asset management sector, this would mean referring to entities covered by Directive 2009/65/EC and Directive 2011/61/EU and for the individual portfolio management or investment advice activities, or entities providing other investment services or activities, to entities covered by Directive 2014/65/EU.

We welcome the guidelines in Title III of this consultation paper. AFME members welcome this type of specific guidelines for particular business lines or activities in preference to a legally driven classification of the various sectors of the financial services industry.

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Name of organisation Association for Financial Markets in Europe