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Basel Committee on Banking Supervision (‘BCBS’)
The BCBS is a global standard setter for prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. Its members comprise central banks and bank supervisors
The Egmont Group is a body of 164 Financial Intelligence Units (FIUs). Most of the Egmont Group’s operations and information is restricted to the inter-country network of national FIUs, but some limited information is available to the public
European Banking Authority (‘EBA’)
The EBA is one of three European supervisory authorities which provide micro-prudential supervision of the EU financial markets, along with the respective national supervisory authorities of the member states. The other two are the European Insurance and Occupational Pensions Authority (‘EIOPA’) and the European Securities and Markets Authority (‘ESMA’)
Following Brexit, the United Kingdom left the European Union on 31 January 2020. EU legislation applied in the UK until 31 December 2020, when the transition period came to an end. Since then, the provision of financial services by UK authorised institutions to EU customers on a cross-border basis (i.e., passporting) was no longer possible.
The EBA establishes rules applicable to banking institutions, which are to be applied consistently across the EU:
The European Commission carries out risk assessments in order to identify and respond to risks affecting the EU internal market. It promotes the adoption of global solutions to respond to these threats at international level. The European Union adopted robust legislation to fight against money laundering and terrorist financing which contributes to those international efforts. The Commission ensures effective application of this legislation by reviewing transposition of EU acquis and working with networks of competent authorities
The European Union adopted the first anti-money laundering Directive in 1990 in order to prevent the misuse of the financial system for the purpose of money laundering. The Directive required obliged entities to apply customer due diligence (‘CDD’) requirements when entering into a business relationship (i.e. to identify and verify the identity of clients, monitor transactions and to report suspicious transactions). The legislation has since evolved and been revised to mitigate risks relating to money laundering and terrorist financing
Financial Crimes Enforcement Network (‘FinCEN’)
FinCEN’s mission is to safeguard the U.S. financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.
Financial Action Task Force (‘FATF’)
The FATF is the global money laundering and terrorist financing watchdog. The FATF issues Recommendations (or Standards), to encourage a co-ordinated global response to preventing organised crime, corruption and terrorism, and monitors countries implementation of FATF Standards
Financial Stability Board (‘FSB’)
The FSB is an international body that monitors and makes recommendations about the global financial system
Transparency International (‘TI’)
Transparency International operates via chapters in more than 100 countries with an international secretariat in Berlin, to lead the fight against corruption
An association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies.
The World Bank provides a wide array of financial products and technical assistance, and helps countries share and apply innovative knowledge and solutions to the challenges they face