Regulatory Alerts2017-08-09
Update on Correspondent Banking Annex of Guidelines for Sound Management of Risks Related to Money Laundering and Terrorist Financing
The Saudi Central Bank (SAMA) issued a circular requiring all domestic banks to adopt the Basel Committee on Banking Supervision's updated Correspondent Banking Annex, which aligns with October 2016 FATF recommendations. The update provides a structured risk assessment mechanism and an updated list of risk indicators to address varying risk levels in correspondent banking activities. Banks must implement these guidelines to ensure compliance and effectively manage money laundering and terrorist financing risks across their correspondent banking operations.
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