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An final version of this report was published in January 2014. http://www.bis.org/publ/bcbs275.htm
Basel Committee
on Banking Supervision
Consultative Document
Sound management of
risks related to money
laundering and financing
of terrorism
Issued for comment by 27 September 2013
June 2013
An final version of this report was published in January 2014. http://www.bis.org/publ/bcbs275.htm
This publication is available on the BIS website (www.bis.org).
©
Bank for International Settlements 2013. All rights reserved. Brief excerpts may be reproduced or
translated provided the source is stated.
ISBN 92-9131-943-0 (print)
ISBN 92-9197-943-0 (online)
An final version of this report was published in January 2014. http://www.bis.org/publ/bcbs275.htm
Contents
Sound management of risks related to money laundering and financing of terrorism ....................................... 1
I.
II.
1.
Introduction ...................................................................................................................................................................... 1
Essential elements of sound ML/FT risk management .................................................................................... 3
Assessment, understanding, management and mitigation of risks ............................................................ 4
(a) Assessment and understanding of risks ....................................................................................................... 4
(b) Proper governance arrangements .................................................................................................................. 4
(c) The three lines of defence .................................................................................................................................. 5
(d) Adequate IT systems ............................................................................................................................................ 6
2.
3.
4.
5.
Customer acceptance policy ...................................................................................................................................... 7
Customer and beneficial owner identification, verification and risk profiling ........................................ 7
Ongoing monitoring .................................................................................................................................................... 10
Management of information .................................................................................................................................... 11
(a) Record keeping..................................................................................................................................................... 11
(b) Updating of information ................................................................................................................................... 11
(c) Supplying information to the supervisors ................................................................................................. 11
6.
Reporting of suspicious transactions and asset freezing .............................................................................. 12
(a) Reporting of suspicious transactions ........................................................................................................... 12
(b) Asset freezing ........................................................................................................................................................ 12
III.
1.
2.
3.
4.
5.
IV.
AML/CFT in a group-wide and cross-border context..................................................................................... 13
Global process for managing customer risks .................................................................................................... 13
Risk assessment and management ........................................................................................................................ 13
Consolidated AML/CFT policies and procedures ............................................................................................. 14
Group-wide information sharing ............................................................................................................................ 15
Mixed financial groups ............................................................................................................................................... 16
The role of supervisors ............................................................................................................................................... 16
Annex 1 Using another bank, financial institution or third party to perform customer due diligence ........ 20
Annex 2 Correspondent banking ............................................................................................................................................. 24
Annex 3 List of relevant FATF recommendations .............................................................................................................. 29
Sound management of risks related to money laundering and financing of terrorism
An final version of this report was published in January 2014. http://www.bis.org/publ/bcbs275.htm
Sound management of risks related to money laundering and
financing of terrorism
I.
Introduction
1.
Being aware of the risks incurred by banks of being used, intentionally or unintentionally, for
criminal activities, the Basel Committee on Banking Supervision is issuing these guidelines, whose main
aim is to describe how banks should include money laundering (ML) and financing of terrorism (FT) risks
within their overall risk management.
2.
The Committee has had a long-standing commitment to promote the implementation of sound
Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies and procedures that
are critical in protecting the safety and soundness of banks and the integrity of the international financial
1
system. It published an initial statement in 1988 and several documents since then in support of this
commitment. The Committee also recently reaffirmed this commitment by publishing in September 2012
the revised version of the
Core Principles for Effective Banking Supervision,
in which a dedicated principle
(BCP 29) deals with the abuse of financial services.
3.
The Committee supports the adoption of the standards issued by the Financial Action Task
2
Force (FATF). In February 2012, the FATF released a revised version of the
International Standards on
Combating Money Laundering and the Financing of Terrorism and Proliferation
(the FATF standards), to
3
which the Committee provided input. In March 2013, the FATF also issued
Financial Inclusion Guidance,
which has also been considered by the Committee for these guidelines. The Committee’s intention in
issuing this paper is to support countries’ implementation of the FATF standards with respect to their
banks and banking groups, by exploring complementary areas and leveraging the expertise available in
both organisations. Therefore, these guidelines are intended to be consistent with and to supplement
the goals and objectives of the FATF standards. The Committee has included cross-references to FATF
standards in this document in order to assist banks in complying with national requirements based on
the implementation of those standards.
4.
The Committee's commitment to combating money laundering and the financing of terrorism
is fully aligned with its mandate “to strengthen the regulation, supervision and practices of banks
4
worldwide with the purpose of enhancing financial stability”. Sound ML/FT risk management has
particular relevance to the overall safety and soundness of banks and of the banking system, the primary
objective for banking supervision, in that:
1
See BCBS,
Prevention of criminal use of the banking system for the purpose of money-laundering,
December 1988, accessible at
www.bis.org/publ/bcbsc137.pdf
The FATF is an intergovernmental body which develops international standards and promotes policies to protect the global
financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass
destruction. The FATF defines money laundering as the processing of criminal proceeds in order to disguise their illegal
origin. The FATF works in close cooperation with other entities involved in this area, and in particular FATF associate members
and observers. The Committee has observer status within the FATF.
Annex 3 contains an excerpt of the most relevant FATF Recommendations that banks and supervisors should comply with
when implementing their AML/CFT measures. This is not exhaustive and other FATF Recommendations, including the
Interpretive Notes, may be relevant. The full document is accessible at www.fatf-gafi.org/recommendations.
See Basel Committee on Banking Supervision,
Charter,
January 2013, accessible at www.bis.org/bcbs/charter.pdf
2
3
4
Sound management of risks related to money laundering and financing of terrorism
1
An final version of this report was published in January 2014. http://www.bis.org/publ/bcbs275.htm
•
it contributes to the protection of the reputation of both banks and national banking systems
by preventing and deterring the use of banks to launder illicit proceeds or to raise or move
funds in support of terrorism; and
it preserves the integrity of the international financial system as well as the work of
governments in addressing corruption and in combating financing of terrorism.
•
5.
The inadequacy or absence of sound ML/FT risk management can increase the exposure of
banks to serious risks, especially reputational, operational, compliance and concentration risks. Recent
developments, including robust enforcement actions taken by regulators and the corresponding direct
and indirect costs incurred by banks due to their lack of diligence in applying appropriate risk
management policies, procedures and controls, have highlighted those risks. These costs and damage
could probably have been avoided had the banks maintained effective risk-based AML/CFT policies and
procedures.
6.
It is worth noting that all these risks are interrelated. However, in addition to incurring fines and
sanctions by regulators, any one of them could result in significant financial costs to banks (eg through
the termination of wholesale funding and facilities, claims against the bank, investigation costs, asset
seizures and freezes, and loan losses), as well as the diversion of limited and valuable management time
and operational resources to resolve problems.
7.
Consequently, this paper should be read in conjunction with a number of related Committee
papers, including the following:
•
•
•
•
•
•
Core Principles for Effective Banking Supervision, September 2012
The internal audit function in banks, June 2012
6
7
5
Principles for the Sound Management of Operational Risk, June 2011
Principles for enhancing corporate governance, October 2010
8
Due diligence and transparency regarding cover payment messages related to cross-border
9
wire transfers, May 2009
Compliance and the compliance function in banks, April 2005
10
8.
In an effort to rationalise the Committee’s publications on AML/CFT guidance, this document
merges and supersedes two previous publications from the Committee dealing with related topics:
Customer due diligence for banks,
October 2001 and
Consolidated KYC Risk Management,
October 2004.
In updating these papers, the Committee has also increased its focus on risks associated with the usage
by banks of third parties to introduce business (see Annex 1) and the provision of correspondent
banking services (see Annex 2). Even though they are important and relevant this discussion, other
specific risk areas such as politically exposed persons (PEPs), private banking and specific legal structures
addressed in the previous papers have not been specifically developed in this guidance. The Committee
will consider returning to these risks in future work.
5
6
7
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Accessible at: www.bis.org/publ/bcbs230.pdf
Accessible at: www.bis.org/publ/bcbs223.pdf
Accessible at: www.bis.org/publ/bcbs195.pdf
Accessible at: www.bis.org/publ/bcbs176.pdf
Accessible at: www.bis.org/publ/bcbs154.pdf
Accessible at: www.bis.org/publ/bcbs113.pdf
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Sound management of risks related to money laundering and financing of terrorism

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