UK:
BCBS Finalises Risk Management Guidelines On AML And Terrorist Financing
10 February 2014
Withers LLP
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The Basel Committee on Banking Supervision (BCBS) has issued new
risk management guidelines (guidelines) relating to anti-money
laundering (AML) and terrorist financing, describing how banks
should include the management of risks related to money laundering
and financing of terrorism within their overall risk management
framework.
The guidelines apply to all banks, although some requirements
may need adaptation for use by small or specialised institutions.
They specifically target banks, banking groups and banking
supervisors. The BCBS recommends that the guidelines are read in
conjunction with other standards it has produced that promote
supervision of banking groups on a consolidated level (such as its
core principles for effective banking supervision. The guidelines
are consistent with the international standards on combating money
laundering and the financing of terrorism and proliferation issued
by the Financial Action Task Force (FATF) in 2012, and supplement
their goals and objectives. In some instances the guidelines cross
refer to the FATF standards to help banks comply with national
requirements based on the implementation of those standards.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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