Banking & Fintech / 07.12.2022

UKNF’s position on AMLRO and EBA consultation on de-risking

Changes in Poland

On December 1, 2022, the Office of the Financial Supervision Authority issued a position paper on the AMLRO compliance officer (“AMLRO”).

The referenced position contains best practices for fulfilling obligations under the Polish AML and CFT Law related to the role and tasks of:

AMLRO,
the management body or senior executive responsible for ensuring compliance with the AML/CFT regulations (“AML/CFT”),
the supervisory authority.

The position also refers to the policies (internal strategies), control system, and procedures referred to in Articles 8, 45, and 46 of Directive 2015/8495 at obligated institutions under the supervision of the FSA – KNF in Poland (in particular, national payment institutions, small payment institutions, banks) and was introduced following the European Banking Authority (“EBA”) guidance number EBA/GL/2022/05 dated June 14, 2022.

Polish FSA expects supervised entities to conduct an analysis of the degree of compliance with the Position’s requirements and, without undue delay, incorporate its provisions into their operating practice by amending their internal regulations and supervisory processes accordingly, commensurate with the scale, type and nature of their operations.

EU changes

On December 6, 2022, the EBA launched a public consultation on new guidelines on the effective management of money laundering and terrorist financing risks when providing access to financial services. EBA actions aim to ensure that customers, especially the most vulnerable (refugees, or the homeless people), are not denied access to financial services without solid reason. The consultation runs until February 6, 2023.

Link to UKNF’s position:

https://www.knf.gov.pl/knf/pl/komponenty/img/Stanowisko_UKNF_AMLRO_80468.pdf

Link to EBA consultation:

https://www.eba.europa.eu/eba-consults-new-guidelines-tackle-de-risking