Basel Guidelines on AML

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The Basel Committee on Banking Supervision has issued a set of guidelines to describe how banks should include risks related to money laundering and financing of terrorism within their overall risk management framework.

Prudent management of these risks, together with effective supervisory oversight, is critical in protecting the safety and soundness of banks as well as the integrity of the financial system. Failure to manage these risks can expose banks to serious reputational, operational, compliance and other risks.

These guidelines are consistent with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation issued by the Financial Action Task Force (FATF) in 2012 and supplement their goals and objectives.

http://www.bis.org/publ/bcbs275.pdf

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