The U.K.'s Financial Conduct Authority published proposed anti-money laundering guidance which sets forth how it expects firms to manage the financial crime risk associated with trade finance and how to improve the level of compliance across the sector. The guidance sets out examples of good and poor practices uncovered by its recent thematic review of 17 commercial banks. Comments on the proposed guidance should be submitted on or before October 4, 2013.
At the end of June, the Basel Committee on Banking Supervision published proposed anti-money laundering and terrorist financing risk management guidelines for banks. The proposal emphasizes the importance of a risk-based approach setting forth the policies and procedures which should be adopted as part of a bank's customer due diligence. Comments on the proposal should be submitted on or before September 27, 2013.