New Guidelines on Managing Money Laundering, Terrorist Financing Risks

The Basel Committee on Banking Supervision (BCBS) has issued new guidelines on how banks should incorporate management of risks related to money laundering and terrorist financing into their overall risk management framework.

 

The guidelines apply to all banks, though some smaller or specialised institutions may need to adapt them. They specifically focus on banks, banking groups and banking supervisors.

 

The BCBS recommends that banks read the guidelines in conjunction with other standards it has produced that promote supervision of banking groups on a consolidated level. They are in-line with the International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation issued by the Financial Action Task Force (FATF) in 2012. The guidelines cross refer to the FATF standards to help banks comply with national requirements based on those standards.

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