BIS COMMITTEE ADVICE TO EASE AML/CFT IMPACT ON INTERNATIONAL PAYMENT SYSTEMS TO PREVENT DERISKING
July 1st, 2016
THE BANK of International Settlements (BIS) – essentially central banks’ central bank – has released recommendations designed to ease the regulatory burden of making international payments, to prevent banks shedding correspondent bank relationships.
This advice, from the BIS’ committee on payments and market infrastructures, is especially designed at easing know-your-customer and know-your-customer’s customer requirements for AML/CFT (anti-money laundering/combating the financing of terrorism) systems.
While in its paper, the committee acknowledged ...
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