BAFT Comments on Proposed Revisions to AML/CFT Guidance

BAFT — the American Bankers Association’s global transaction banking subsidiary — commented last week on the Basel Committee’s proposed revisions to its guidance on managing risks related to anti-money laundering and terror financing. In a joint letter with the Institute for International Finance, BAFT urged the committee to acknowledge that not all correspondent banking services and not all cross-border correspondent banking relationships are high-risk, and warned against any revisions to the guidance that would inadvertently further derisking activity.


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Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.