State of play of the review of the EIB's AML and CFT processes
On 03.09.2020, the Committee on Budgetary Control held an in camera exchange of views with EIB representatives to discuss the state of play of the review of the EIB's anti-money laundering (AML) and countering the financing of terrorism (CFT) processes.
In its response letter of 6 July 2020 to the CONT committee's request for information, the EIB informed its internal audit service had carried out in 2019 a review of the anti-money laundering (AML) and countering the financing of terrorism (CFT) processes. This review highlighted some shortcomings with regards to compliance with certain AML/CFT requirements and the need for further improvements in the Bank's AML/CFT procedures and policies as well as control environment. A task force was set up involving all the relevant EIB's Governing Bodies to address the issues identified in this audit.
This exchange of views will take stock of these findings, the progress made by the EIB in mitigating and closing identified compliance gaps and the current situation of the EIB's due diligence controls in order to fully align with the Anti-Money Laundering Directives (AMLD IV and AMLD V) as well as best practices and standards prescribed by the Financial Action Task Force (FATF).
This exchange of views will take stock of these findings, the progress made by the EIB in mitigating and closing identified compliance gaps and the current situation of the EIB's due diligence controls in order to fully align with the Anti-Money Laundering Directives (AMLD IV and AMLD V) as well as best practices and standards prescribed by the Financial Action Task Force (FATF).