BIS amends guidelines to strengthen cooperation between prudential and AML/CTF regulators
The Basel Committee has amended its guidelines on the "Sound Management of Risks Related to Money Laundering and Financing Terrrorism," introducing guidelines on cooperation and information exchange among prudential and AML/CFT supervisors for banks.
The revisions provide detailed guidelines to strengthen the interaction and cooperation between prudential and AML/CFT supervisors.
The revisions set out principles and recommendations for information exchange and cooperation in relation to: (i) authorisation related procedures of a bank; (ii) ongoing supervision; and (iii) enforcement actions.
Author, Consultant, Dr. Business Administration
4 年DOH! In Basel II, 'Money Laundering' is a level 3 Activity under the level 1 event type category 'Clients, Products & Business Practices' and HAS BEEN since 2004 It also requires assessment for Minimum Operational Risk Capital Has Basel not talked to AML/CTF regulators or AML/CTF regulators not talked to BIS or neither? This beggars belief And worse this document does not talk about minimum risk capital measures.
Freelance journalist
4 年It's fascinating that such bridge-building between domestic regulators seems to require an edict from Switzerland. Is it just me who finds this bizarre?