In 2014, the Bank for International Settlement’s Basel Committee on Banking Supervision (the Basel Committee), which proposes international banking standards, issued guidelines on “Sound management of risks related to money laundering and financing of terrorism” (AML Risk Management Guidelines). In 2017, they were revised to address Correspondent Banking and Account Opening Proceedings.

In November 2019, the Basel Committee issued for comment a proposed annex to the AML Risk Management Guidelines on “interaction and cooperation between prudential and AML/CFT supervision” (the Supervision Annex). Comments on the proposed Supervision Annex are being accepted through February 6. This month’s column will discuss some of the main themes set forth in the document.

Why Should Banks Care?

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