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These proposed guidelines are intended to enhance the effectiveness of supervision of banks' money laundering and financing of terrorism (FT) risk management, consistent with and complementary to the goals and objectives of the standards issued by the Financial Action Task Force (FATF) and principles and guidelines published by the Basel Committee.
Adequate information exchange and cooperation should take place among different supervisory functions regardless of the institutional setting and both in the domestic and cross-border context. The proposed guidelines set out principles and recommendations for information exchange and cooperation in relation to authorisation related procedures of a bank, on-going supervision, and enforcement actions. The guidelines present possible methods of implementation including mechanisms to facilitate such cooperation with a range of descriptive examples and supervisory practices.
The Committee invites comments on the consultative document. Comments should be uploaded here by 6 February 2020.