On 8 November 2019, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document concerning the introduction of guidelines on the interaction and cooperation between prudential and anti-money laundering / countering the financing of terrorism (AML / CFT) supervision.
In the consultative document the Basel Committee proposes certain amendments to its guidelines on the Sound management of risks related to money laundering and financing of terrorism. In particular, the Basel Committee proposes revisions that recommend establishing an effective cooperation system and introduce Annex 5 to provide detailed guidelines on when and how prudential and AML / CFT supervisory functions could exchange information and cooperate with each other. A number of examples of potential information types or cooperation processes are included to provide concrete insights for implementing the recommendations. Also, a range of supervisory practices, some of which may not be applicable to all jurisdictions, are presented whenever deemed useful.
The deadline for comments on the consultative document is 6 February 2020.