Preventing Money Laundering and Terrorist Financing, Second Edition

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.

Appendix A

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Preventing Money Laundering and Terrorist Financing, Second Edition

Published on Jul 25, 2022

World Bank Publications

"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 editio

Preventing Money Laundering and Terrorist Financing, Second Edition

Articles inside

References

ML/tF Risk Mitigation for Financial Groups

notes

Risk Mitigation

Assessing the Inherent ML/tF Risk Factors

Adverse Consequences

Business-Wide ML/tF Risk Assessment

International supervisory Cooperation

Cooperation at the Policy Level

Understanding Risk Assessment and Mitigation by Financial Institutions

national Cooperation

overview of the steps to Be Followed for effective sanction Proceedings

Appeal

Publication of sanctions

examples of enforcement Measures and sanctions in some Jurisdictions

Range of Possible sanctions and Remedial Measures

Contextual Factors of an effective enforcement and sanctioning Regime

Management of the on-site examination

other examination Procedures

examination Findings and the examination Report

Risk-Based examination Procedures

Planning and scoping Risk-Based AML/CFt on-site examinations

outline of an AML/CFt supervision Manual

examples of off-site AML/CFt supervision systems and Processes in some Jurisdictions

Risk Profiling: A Key Prerequisite for Risk-Based supervision

AML/CFt supervisory Cycle

Cooperation between Prudential and AML/CFt supervision

structures of AML/CFt supervision Units

other supervisory Activities

References

Access to Information

Risk-Based Approach to supervision

Promoting safe and sound Banking Practices

notes

Considerations for an effective Licensing Process

International standards for Risk-Based supervision

References

organizational Approaches for effective AML/CFt supervision