Regulatory Alerts2016-02-19
Added · Updated
Basel Committee on Banking Supervision Revised the General Guide to Account Opening
The Circular Information Release issued on 19 February 2016 addresses account opening and maintenance controls for all Authorized Institutions. It references the Basel Committee on Banking Supervision's paper on the sound management of risks related to money laundering and financing of terrorism. The document also highlights related guidance on risk-based AML/CFT controls for politically exposed persons and observations from a mystery shopping programme regarding account opening processes.