Featured Product

    BCBS Consults on Guidelines on Prudential and AML/CFT Supervision

    November 08, 2019

    BCBS is proposing to amend guidelines on the sound management of risks related to money laundering and financing of terrorism (ML/FT). The guidelines to be amended were published in June 2017. The proposed changes provide detailed and practical guidelines on the interaction and cooperation between prudential and anti-money laundering and combating the financing of terrorism (AML/CFT) supervision. The comment period on this consultation ends on February 06, 2020.

    The proposed guidelines set out principles and recommendations for information exchange and cooperation in relation to the authorization related procedures of a bank, to the ongoing supervision, and to the enforcement actions. The proposed changes include a new provision in "The role of supervisors" section that recommends establishing an effective cooperative system and a supplementing annex with specific recommendations and descriptive examples to facilitate supervisory cooperation. The guidelines present possible methods of implementation, including mechanisms to facilitate such cooperation, with a range of descriptive examples and supervisory practices.  When supervisors are not part of the same supervisory authority, a bilateral or multilateral memorandum of understanding, prudential supervisory colleges, and AML/CFT supervisory colleges are presented as examples of such mechanisms.

    The proposed guidelines also cover processes of information exchange, relationships with third parties (such as financial intelligence units), and issues related to confidentiality and data protection. A number of examples of potential information types or cooperation processes are included to provide concrete insights for implementing the recommendations. Additionally, a range of supervisory practices, some of which may not be applicable to all jurisdictions, are presented whenever deemed useful. The proposed guidelines are intended to enhance the effectiveness of supervision of ML/FT risk management by banks, consistent with and complementary to the goals and objectives of the standards of the Financial Action Task Force (FATF) and the principles and guidelines of BCBS.


    Related Links

    Comment Due Date: February 06, 2020

    Keywords: International, Banking, Prudential Supervision, AML/CFT Supervision, ML/TF Risk, FATF, Guidelines, BCBS

    Related Articles

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793