Update on Correspondent Banking Annex of Guidelines for Sound Management of Risks Related to Money Laundering and Terrorist Financing
| No: 381000113853 | Date(g): 9/8/2017 | Date(h): 17/11/1438 |
The Basel Committee on Banking Supervision has issued an update to the Annex for Correspondent Banks against the Guidelines for Sound Management of Risks Related to Money Laundering and Financing of Terrorism, which was initially published in January 2014 and updated in February 2016, aligning with what the Financial Action Task Force (FATF) released for combating money laundering and financing of terrorism in October 2016.
This update aims to guide banks on the risk assessment mechanism in activities and transactions related to correspondent banks, due to different levels of risk involved. The principles include an updated list of risk indicators that must be taken into account when evaluating these risks.
SAMA emphasizes the importance of the commitment of banks operating in the Kingdom with the updated annex for correspondent banks issued by the Basel Committee on Banking Supervision.