On January 15, the Basel Committee on Banking Supervision issued final guidance regarding anti-money laundering/counter-terrorism financing (AML/CTF) risk management. The Committee states that the guidelines are consistent with and supplement the 2012International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation issued by the Financial Action Task Force. The guidelines supersede two previously-issued Basel Committee publications: Customer due diligence for banks (October 2001) and Consolidated KYC management (October 2004). The final guidelines detail the “essential elements” of sound AML/CTF risk management, including those related to (i) assessing and understanding risks; (ii) customer acceptance policies; (iii) customer and beneficial owner identification; (v) ongoing monitoring; (vi) information management and record keeping; and (vii) reporting suspicious transactions and asset freezing. The guidelines also address AML/CTF in the group-wide and cross-border context, and outlines expectations for banking supervisors.
- How-to guide How-to guide: How to navigate challenges relating to Source of Wealth and Source of Funds (UK)
- Checklist Checklist: Customer due diligence (CDD) obligations under the Money Laundering Regulations (UK)
- Checklist Checklist: Enhanced due diligence (EDD) obligations under the Money Laundering Regulations (UK)