On 2 July, the Bank for International Settlements advised that the Basel Committee on Banking Supervision had issued the updated version of its guidelines on the Sound Management of Risks Related to Money laundering and the Financing of Terrorism, with guides on the interaction and cooperation between prudential and AML/CFT supervisors. These guidelines are intended to enhance the effectiveness of supervision of banks’ risk management, consistent with and complementary to the goals and objectives of the standards issued by FATF and principles and guidelines published by the Basel Committee. The revised guidelines include amendments in Part IV (The role of supervisors) and Annex 5 (Interaction and cooperation between prudential and AML/CFT supervisors).  Annex 5 sets out specific principles, recommendations and descriptive examples, to facilitate effective and efficient cooperation in relation to authorisation related procedures of a bank, ongoing supervision, and enforcement actions. It also describes possible methods of implementation including mechanisms to facilitate such cooperation at the jurisdictional and international level.

The revised guidelines are available at –









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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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