Basel Committee on Banking Supervision consultation document on interaction between AML/CFT and prudential supervision

A release on Mondo Visione on 11 November reported that the Committee proposes to amend its 2017 guidelines on the management of AML/CFT risks.  It intends to provide detailed and practical guidelines on the interaction and cooperation between prudential and AML/CFT supervision – to enhance the effectiveness of supervision of banks’ risk management in line with its and FATF standards.  Comments are required by 6 February. The Committee involves and supports central banks in their pursuit of monetary and financial stability, and seeks to foster international co-operation in those areas and to act as a bank for central banks.

https://mondovisione.com/media-and-resources/news/basel-committee-consults-on-guidelines-on-cooperation-between-prudential-and-aml/

The Basel Committee on Banking Supervision says better information exchange would improve supervision of AML

An article from Out-Law on 12 November reported on the content and recommendations of the Basel Committee on Banking Supervision report proposing new guidelines to improve the supervision of the ways banks tackle AML/CFT.  

https://www.pinsentmasons.com/out-law/news/better-information-exchange-improves-anti-money-laundering-supervision

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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