November 23 2016
Banks will have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under proposals issued today by the Basel Committee on Banking Supervision. The draft rules aim to ensure that banks conduct correspondent banking business with the best possible understanding of the applicable rules on anti-money laundering and countering the financing of terrorism.
The proposals follow the publication by the Financial Action Task Force (FATF) of its Guidance on correspondent banking services in October 2016. The Committee seeks to clarify the expectations of banking supervisors, consistent with the FATF standards and guidance.