Anti-Money Laundering Risk Management Guidelines

These guidelines from the Basel Committee on Banking Supervision (BCBS) require banks to have a sound risk management program to address money laundering and terrorist financing. The guidelines include:

  • Assessment of inherent and residual money laundering and terrorist financing risk factors at the country, sectoral, bank and business relationship level.
  • Policies and procedures for Customer Due Diligence (CDD), customer acceptance, customer/ beneficial owner identification and monitoring of the business relationship in order to determine the risk profile and appropriate level of mitigation to be applied.
  • Independent internal audits of the effectiveness of compliance with AML/CFT policies and procedures.
  • Mechanisms to document and provide risk assessment information to authorities as well as report suspicious transactions.
  • Board of Directors accountability for and oversight of the bank’s AML/CFT risk management and compliance program.

 

Compliance Made Easy

Alacra Compliance Enterprise enables banks to simplify and streamline the CDD workflow, assess money laundering and terrorism financing risks and demonstrate compliance in accordance with BCBS guidelines.  Learn more