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Introduction of guidelines on interaction and cooperation between prudential and AML/CFT supervision

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Summary of document history   Previous version Previousconsultation This version Subsequentconsultation Subsequentversion This version BCBS  |  Consultative  |  08 November 2019  |  Status:  Open [Upload comments] PDF full text (308kb)  |  20 pages Topics: Anti money laundering The Basel Committee is consulting on Introduction of guidelines on interaction and cooperation between prudential and AML/CFT supervision. Consistent with the goals and objectives of the standards issued by the Financial Action Task Force (FATF) and principles and

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Summary of document history  

This version

BCBS  | 
Consultative
 | 
08 November 2019
 | 
Status:  Open [Upload comments]
PDF full text
 (308kb)
 |  20 pages

The Basel Committee is consulting on Introduction of guidelines on interaction and cooperation between prudential and AML/CFT supervision.

Consistent with the goals and objectives of the standards issued by the Financial Action Task Force (FATF) and principles and guidelines published by the Basel Committee, the proposed revisions provide further detailed guidelines to strengthen the interaction and cooperation between prudential and AML/CFT supervisors.

The proposed changes to the Sound management of risks related to money laundering and financing of terrorism include a new provision in "The role of supervisors" section that recommends establishing an effective cooperative system and a supplementing annex with specific recommendations and descriptive examples to facilitate supervisory cooperation.

The Committee invites comments on the consultative document. Comments should be uploaded here by 6 February 2020. All comments will be published on the website of the Bank for International Settlements unless a respondent specifically requests confidential treatment.

International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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