Publication by the Basel Committee of the new recommendations on the sound management of risks related to money laundering and financing of terrorism

The Commission de Surveillance du Secteur Financier would like to draw attention to the publication of new recommendations on combating money laundering and terrorist financing by the Basel Committee on Banking Supervision. Following a wide public consultation in 2013, the Basel Committee adopted the document “Sound management of risks related to money laundering and financing of terrorism” on 15 January 2014.

This new document replaces the two previous documents issued by the Committee called “Customer Due Diligence for Banks” (October 2001) and “Consolidated KYC Risk Management” (October 2004). This document not only merges and supersedes the two above-mentioned publications but also updates the requirements resulting from them, in particular, by taking into account the new recommendations of the Financial Action Task Force (“FATF”).

In addition to the general guidelines on the prudent management of ML/FT risks by banks, the document specifies the use by banks of third parties for carrying out customer due diligence and the correspondent banking relationships.

These recommendations target all banks; if necessary, they may be adapted according to the bank’s type and volume of activity.

We invite you to acquaint yourself with all these new recommendations by following the link below: http://www.bis.org/press/p140115.htm