The Basel Committee on Banking Supervision (Basel Committee) has updated its guidelines that describe how banks should include money laundering and financing of terrorism risks within their overall risk management. Specifically, the Basel Committee has finalised its revisions to annexes 2 (correspondent banking) and 4 (general guide to account opening).

The purpose of the revisions is to ensure that banks conduct correspondent banking business with the best possible understanding of the applicable rules on anti-money laundering and countering the financing of terrorism. The Basel Committee’s guidance includes a list of risk indicators that correspondent banks should consider in their risk assessment of money laundering and financing of terrorism associated with correspondent banking.

View Sound management of risks related to money laundering and financing of terrorism: revisions to correspondent banking annex – final document, 7 June 2017