Yes – we believe by adding detail and giving examples to the requirements set out in Directive (EU) 2015/849 that the guidelines are conducive to firms adopting risk-based, proportionate and effective AML/CFT policies and procedures.
We believe that the guidelines are conducive to competent authorities monitoring of firms’ compliance.
We welcome the preparation of pan European Guidelines in this area and believe that the joint ESA’s should, as much as possible, seek to ensure that the Guidelines are implemented and interpreted in a consistent way across jurisdictions.
Lack of jurisdictional consistency on AML/CTF matters can cause complexity and confusion to international investors and may lead to a situation where they favour one jurisdiction over another due to a perceived lighter burden for provision of information and documentation.
We support the current approach in Title II as it improves clarity of requirements for each business section. We believe that a legally-driven classification of the various sectors would be less easy to follow.