What Sound management of risks related to money laundering and financing of terrorism (BCBS, July 2020 consolidated revision, d505) requires
These Basel Committee guidelines describe how banks should manage money laundering and financing of terrorism risks within overall risk management, built on a comprehensive risk assessment (paragraphs 15 to 16), board governance and an appointed chief AML/CFT officer (paragraphs 17 to 18), and the three lines of defence (paragraphs 19 to 20). They set out an adequate transaction monitoring system (paragraphs 28 to 31), customer acceptance policy (paragraphs 32 to 34), customer and beneficial owner identification (paragraphs 35 to 37), ongoing monitoring (paragraph 45), record-keeping (paragraphs 51 to 52), reporting of suspicious transactions (paragraphs 56 to 58) and asset freezing (paragraphs 59 to 61). Part IV addresses the role of supervisors (paragraphs 84 to 85) and Annex 5 covers cooperation between prudential and AML/CFT supervisors.
Pillar: Financial Crime, AML & Sanctions · Authority: Basel Committee on Banking Supervision (Bank for International Settlements) · Version: 1.0.0 · Last updated:
Primary source: https://www.bis.org/bcbs/publ/d505.htm
SHA-256 integrity: d50936e7fcc03666792b0e37e3fdd7e9d9e4b23c659be68916b56d93577b214c
Primary Citations — 8 traced to source
- BCBS Sound management of risks related to ML/FT (rev. July 2020), paragraphs 15 to 16 - assessment and understanding of ML/FT risks
- BCBS Sound management of risks related to ML/FT (rev. July 2020), paragraphs 17 to 18 - governance arrangements and chief AML/CFT officer
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