Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
The International Finance Corporation (IFC) is the private sector arm of the World Bank Group (WBG) and one of the leading investors and lenders in emerging markets. Efforts to strengthen the global financial system following the 2007-2008 global f...
| Format: | Report |
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| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2019
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/886281567677042157/Anti-Money-Laundering-and-Countering-Financing-of-Terrorism-Risk-Management-in-Emerging-Market-Banks-Good-Practice-Note http://hdl.handle.net/10986/32409 |
| Summary: | The International Finance Corporation
(IFC) is the private sector arm of the World Bank Group
(WBG) and one of the leading investors and lenders in
emerging markets. Efforts to strengthen the global financial
system following the 2007-2008 global financial crisis have
contributed to withdrawal of correspondent banking services,
which has a disproportionately negative impact on emerging
markets. Increasingly, correspondent banks are paying
greater attention to their respondents’ anti-money
laundering and combating the financing of terrorism (AML and
CFT) program effectiveness, know your customer and customer
due diligence (KYC and CDD) programs, and their
jurisdiction-related obligations to comply with AML and CFT
requirements. In the survey, private sector emerging market
banks identified assistance with understanding and adapting
to new global standards as one solution component that will
be most useful. In response, IFC has published this good
practice note: AML and CFT risk management in emerging
market banks (GPN) for banks to advance their knowledge and
capabilities in AML and CFT risk management and facilitate
and support the maintenance of correspondent banking
relationships (CBRs). |
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