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ARTICLE · 11 FEBRUARY 2016

BCBS Finalizes Revised General Guide To Account Opening

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On February 4, the Basel Committee on Banking Supervision ("BCBS") published a revised draft of its guidelines on "sound management of risks related to money laundering and financing of terrorism"...

GlobalFinance and Banking
Orrick
Orrick
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On February 4, the Basel Committee on Banking Supervision (“BCBS“) published a revised draft of its guidelines on “sound management of risks related to money laundering and financing of terrorism” which comprises the Guidelines issued in January 2014 and the addition of a new Annex IV – General Guide to Account Opening.

Annex IV is intended to focus on some of the mechanisms that banks can use in developing an effective consumer identification and verification programme and sets out the information that should be collected at the time of account opening. BCBS acknowledges that customer identification and verification policies and procedures will differ to reflect risks arising from the relevant categories of customers, products and services.

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