{"id":272385,"date":"2016-11-23T10:00:00","date_gmt":"2016-11-23T15:00:00","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/uncategorized\/basel-committee-proposals-clarify-rules-on-combating-money-laundering-and-terrorist-financing\/"},"modified":"2017-12-19T12:14:21","modified_gmt":"2017-12-19T17:14:21","slug":"basel-committee-proposals-clarify-rules-on-combating-money-laundering-and-terrorist-financing","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/from-the-regulators\/basel-committee-proposals-clarify-rules-on-combating-money-laundering-and-terrorist-financing\/","title":{"rendered":"Basel Committee proposals clarify rules on combating money laundering and terrorist financing"},"content":{"rendered":"<p> The Basel Committee on Banking Supervision on Wednesday published proposals that aim to give banks more clarity on how to best manage risks related to money laundering and terrorism financing.<\/p>\n<p> Among other things, the draft revisions aim 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.<\/p>\n<p> &#8220;The proposed revisions develop the application of the risk-based approach for correspondent banking relationships, recognizing that not all correspondent banking relationships bear the same level of risk,&#8221; the Basel Committee report says.<\/p>\n<p> The proposals follow new guidance on correspondent banking from the Financial Action Task Force (FATF) that was published in October, and aims to ensure consistency with the FATF standards.<\/p>\n<p> Comments on the proposals are due by Feb. 22, 2017. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proposed revisions recognize that not all correspondent banking relationships bear the same level of risk<\/p>\n","protected":false},"author":38954,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2324],"tags":[2586],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/272385"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/38954"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=272385"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/272385\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=272385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=272385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=272385"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=272385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}