Basel Committee updates advice on anti-money laundering practices
The Basel Committee on Banking Supervision has published updated advice on anti-money laundering (AML) and combating terrorist financing (CFT) best practice.
The consultative document, released today, gives recommendations for AML/CFT risk management for banks, banking groups and supervisors. The Bank for International Settlements suggests that recent "robust enforcement action" taken against a number of banks for AML failings "could probably have been avoided had the banks maintained effective
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