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New guidelines to tackle money laundering

Publish date: 28 November 2019
Issue Number: 688
Diary: Legalbrief Forensic
Category: Security

The Basel Committee on Banking Supervision has proposed new guidelines to improve the supervision of the ways banks tackle anti-money laundering and countering financing of terrorism. A Pinsent Masons analysis notes that the committee said there needed to be adequate information exchange and cooperation between different supervisory functions, regardless of the institutional setting and in both the domestic and cross-border context. In its consultation document, the committee set out principles and recommendations for information exchange and cooperation in relation to the authorisation-related procedures of a bank, ongoing supervision, and enforcement actions. In proposed revisions to its 2017 guidelines on the sound management of risks related to money laundering and financing of terrorism, the Basel Committee outlined cooperation arrangements between a prudential supervisor and the function responsible for anti-money laundering and countering the financing of terrorism. It said the exchange of information should not duplicate efforts or impair either supervisor’s independence.

Full Pinsent Masons analysis