BCBS JOINT11

From Open Risk Manual
Revision as of 10:50, 26 March 2021 by Wiki admin (talk | contribs) (Created page with "== Definition == '''BCBS JOINT11''' is a document published by the Basel Committee on Banking Supervision on January 2005 in the :Category:BCBS Anti Money Laundering | A...")
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)

Definition

BCBS JOINT11 is a document published by the Basel Committee on Banking Supervision on January 2005 in the Anti Money Laundering category.

Title

Initiatives by the BCBS, IAIS and IOSCO to combat money laundering and the financing of terrorism.

Abstract

In June 2003, the Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS) and International Organization of Securities Commissions (IOSCO) published a joint note providing a record of the initiatives taken by each sector to combat money laundering and the financing of terrorism (AML/CFT). The note provided an overview of the common AML/CFT standards that apply to all three sectors and an assessment as to whether there are serious gaps or inconsistencies in approaches and recommendations. In addition, it also covered for each sector: the relationships between the institutions and their customers focussing on the products or services that are particularly vulnerable to money laundering, how each Committee has sought to address these vulnerabilities; and, finally, a description of ongoing and future work.

This note was first prepared for the November 2004 meeting of the Joint Forum in Sydney as an update of AML/CFT developments in the three sectors since the June 2003 report. Compiled from contributions by each of the three Secretariats, it focuses on recent guidance for addressing the vulnerabilities identified in the earlier report and ongoing and future work.

Document Profile

  • Publication Date: January 2005
  • Publication Type: Sound Practices
  • Publication Status: Current
  • Publication Category: Anti Money Laundering
  • Number of Pages: 4
  • Keywords: Money Laundering, Financing Of Terrorism

See Also

Disclaimers

For definitive information on regulatory matters always consult primary sources, especially where it concerns legally binding rules and regulations.

The above regulatory document abstract is quoted verbatim in this Open Risk Manual entry and provided free of charge for the convenience of all internet users. There is no explicit or implicit endorsement of this web service by the Bank of International Settlements. The copyright of the included material rests with the original authors (Links to the original texts are duly provided).