On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and terrorist financing.
The guidelines apply to all banks and are consistent with the international standards on combating money laundering and the financing of terrorism and proliferation issued by the Financial Action Task Force (FATF) in 2012, and supplement their goals and objectives. Risk Management Guidelines.
On February 5, the European Commission published two legislative proposals designed to reinforce the European Union’s existing rules on anti-money laundering and fund transfers. The legislative proposals comprise a directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, which is complemented by a regulation on information accompanying transfers of funds, designed to ensure the “due traceability” of these transfers. Both proposals take into account the latest recommendations of the Financial Action Task Force. The aims of the proposed directive include:
The legislative proposals are accompanied by an impact assessment and executive summary of the impact assessment, along with a set of frequently asked questions.
