Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note

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...

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Format: Report
Language:English
Published: International Finance Corporation, Washington, DC 2019
Subjects:
BASEL COMMITTEE ON BANKING SUPERVISION
COMBATING THE FINANCING OF TERRORISM
EMERGING MARKET ECONOMIES
PAYMENT AND SETTLEMENT SYSTEM
BANKING REGULATION
RISK MANAGEMENT
FINANCIAL ACTION TASK FORCE
ACCESS TO FINANCE
CORRESPONDENT BANKING
INTERNATIONAL FINANCIAL SYSTEM
ANTI-MONEY LAUNDERING
AML CFT
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
id okr-10986-32409
recordtype oai_dc
spelling okr-10986-324092021-05-25T10:54:44Z Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note BASEL COMMITTEE ON BANKING SUPERVISION COMBATING THE FINANCING OF TERRORISM EMERGING MARKET ECONOMIES PAYMENT AND SETTLEMENT SYSTEM BANKING REGULATION RISK MANAGEMENT FINANCIAL ACTION TASK FORCE ACCESS TO FINANCE CORRESPONDENT BANKING INTERNATIONAL FINANCIAL SYSTEM ANTI-MONEY LAUNDERING AML CFT 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). 2019-09-18T16:59:06Z 2019-09-18T16:59:06Z 2019 Report 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 English CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo International Finance Corporation International Finance Corporation, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Accountability Study
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic BASEL COMMITTEE ON BANKING SUPERVISION
COMBATING THE FINANCING OF TERRORISM
EMERGING MARKET ECONOMIES
PAYMENT AND SETTLEMENT SYSTEM
BANKING REGULATION
RISK MANAGEMENT
FINANCIAL ACTION TASK FORCE
ACCESS TO FINANCE
CORRESPONDENT BANKING
INTERNATIONAL FINANCIAL SYSTEM
ANTI-MONEY LAUNDERING
AML CFT
spellingShingle BASEL COMMITTEE ON BANKING SUPERVISION
COMBATING THE FINANCING OF TERRORISM
EMERGING MARKET ECONOMIES
PAYMENT AND SETTLEMENT SYSTEM
BANKING REGULATION
RISK MANAGEMENT
FINANCIAL ACTION TASK FORCE
ACCESS TO FINANCE
CORRESPONDENT BANKING
INTERNATIONAL FINANCIAL SYSTEM
ANTI-MONEY LAUNDERING
AML CFT
Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
description 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).
format Report
title Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
title_short Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
title_full Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
title_fullStr Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
title_full_unstemmed Anti-Money-Laundering and Countering Financing of Terrorism Risk Management in Emerging Market Banks : Good Practice Note
title_sort anti-money-laundering and countering financing of terrorism risk management in emerging market banks : good practice note
publisher International Finance Corporation, Washington, DC
publishDate 2019
url 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
_version_ 1764476488909848576

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