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 |
Effective from 2017-08-09 - Aug 08 2017
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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 Terrorist Financing, 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 terrorist financing in October 2016.
This update aims to guide banks on the risk assessment mechanism in activities and transactions related to correspondent banks, considering the varying 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 compliance by banks operating in the Kingdom with the updated annex for correspondent banks issued by the Basel Committee on Banking Supervision.