Revised annex on correspondent banking.
The Basel Committee is consulting on proposed Revisions to the annex on correspondent banking. The proposals are consistent with the Financial Action Task Force (FATF) guidance on Correspondent banking services issued in October 2016 and serve the same objective of clarifying rules applicable to banks conducting correspondent banking activities. They form part of a broader initiative of the international community to assess and address the decline in correspondent banking coordinated by the Financial Stability Board.
The text includes proposed revisions to annexes 2 (Correspondent banking) and 4 (General guide to account opening) of the Basel Committee's guidelines on the Sound management of risks related to money laundering and financing of terrorism. The proposed revisions guide the banks in the application of the risk-based approach for correspondent banking relationships, recognising that not all correspondent banking relationships bear the same level of risk. The proposed revisions also clarify supervisors' expectations regarding the quality of payment messages as well as conditions for using Know Your Customer (KYC) utilities.
The Committee welcomes comments on any of the content of annex 2 and on proposed paragraphs 6bis and 6ter in annex 4. Comments should be uploaded here by Wednesday 22 February 2017 or they may be sent by post to: Secretariat of the Basel Committee on Banking Supervision, Bank for International Settlements, CH-4002 Basel, Switzerland. All comments will be published on the website of the Bank for International Settlements unless a respondent requests confidential treatment.
- Publication Date: November 2016
- Publication Type: Consultative
- Publication Status: Closed
- Publication Category: Anti Money Laundering
- Number of Pages: 24
- Keywords: De-risking, Anti-money Laundering
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