The Basel Committee on Banking Supervision released last week a new set of risk management guidelines to help banks implement policies to guard against money laundering and the financing of terrorism.
The guidelines cover risk assessment, management and mitigation, monitoring, record-keeping, and reporting of suspected money laundering (ML) and financing of terrorism (FT). The Swiss-based Basel Committee is a forum for cooperation between banking supervisors from 27 jurisdictions around the world. The committee’s decisions represent guidelines and standards for best practices rather than enforceable regulations.
