References

REFERENCES

BCBs (Basel Committee on Banking supervision). 2020. “Guidelines on sound Management of Risk

Related to Money Laundering and Financing of terrorism; Issued in January 2014 and Revised

July 2020.” BCBs, Paris. https://www.bis.org/bcbs/publ/d505.pdf.

DnB (De nederlandsche Bank). n.d.-a. “Integrity Risk Analysis: More Where necessary, Less Where

Possible.” DnB, Amsterdam. https://www.dnb.nl/media/1npf44vp/good-practices-integrity-risk -analysis.pdf?msclkid=47a541dbaa1811ec9dc260d298ed5ba7.

DnB (De nederlandsche Bank). n.d.-b. “Post-event transaction Monitoring Process for Banks.” DnB,

Amsterdam. https://www.dnb.nl/media/glinjegh/guidance-document-transactiemonitoring-banks .pdf?msclkid=03462cd1aa1811ecb5923ff62adab7a5.

FAtF (Financial Action task Force). 2013–17. “Anti-Money Laundering and terrorist Financing

Measures and Financial Inclusion, with a supplement on Customer Due Diligence.” FAtF, Paris. https://www.fatf-gafi.org/publications/fatfgeneral/documents/financial-inclusion-cdd-2017.html.

FAtF (Financial Action task Force). 2019. “Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset service Providers.” FAtF, Paris. https://www.fatf-gafi.org/media/fatf/documents /recommendations/RBA-VA-VAsPs.pdf.

FAtF (Financial Action task Force). 2020. “Guidelines: sound Management of Risks Related to

Money Laundering and Financing of terrorism; July 2014; Revised July 2020.” FAtF, Paris. https://www.bis.org/bcbs/publ/d505.pdf.

IFC (International Finance Corporation). 2019. “Anti-Money-Laundering (AML) & Countering

Financing of terrorism (CFt) Risk Management in emerging Market Banks.” Good Practice note 2019, IFC, Washington, DC. https://www.ifc.org/wps/wcm/connect/e7e10e94-3cd8-4f4c-b6f8 -1e14ea9eff80/45464_IFC_AML_Report.pdf?MoD=AJPeRes&CVID=mKKnshy.

Wolfsberg Group. 2015. “Frequently Asked Questions on Risk Assessments for Money Laundering, sanctions, and Bribery & Corruption.” Worlfsberg Group, ermatingen. https://www.wolfsberg -principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQs-2015 .pdf.

Money laundering and terrorist financing undermine the integrity and stability of financial systems and can have a significantly adverse impact on a jurisdiction’s economy. Challenges to effective supervision and prevention of money laundering and financing of terrorism were exacerbated in the aftermath of the 2008 financial crisis, with financial institutions’ need for funds at times undermining vigilance as to the provenance of those funds. As such, supervisors often, and prudently, focused on coping with the crisis.

Since 2009, when the first edition of this handbook was published, challenges to the integrity and stability of financial systems have continued to evolve. Money-laundering and terrorist-financing risks continue to threaten the reputations of financial institutions and entire financial sectors, exposing institutions to the possibility of severe enforcement action by public authorities or the loss of correspondent relationship facilities by their private sector counterparts. This second edition of Preventing Money Laundering and Terrorist Financing: A Practical Guide for Bank Supervisors reflects the evolving challenges to the integrity and stability of financial systems, recent trends in enforcement actions by country authorities, and changes to international standards, notably an emphasis on a risk-based approach.

This practical handbook supports the implementation of international standards established by the Financial Action Task Force and other bodies,

● Providing examples of money-laundering and terrorist-financing supervisory frameworks in a range of countries; ● Describing best practices for the supervision and enforcement of money-laundering and terrorist-financing laws and regulations; ● Offering practical advice on how a particular jurisdiction might incorporate enforcement of the laws and regulations on money laundering and terrorist financing into its supervisory framework.

Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.