Global Regulators Tell National Watchdogs To Share AML Data
Law360, London (November 11, 2019, 12:34 PM GMT) -- A group of banking regulators from across the world has urged national supervisors to strengthen cross-border ties when they tackle money laundering and terrorist financing, to help them avoid duplicating work or missing details when investigating international banking groups.
The Basel Committee on Banking Supervision, which sets global standards for the financial sector, published guidance on Friday for national supervisors on how they should cooperate on their anti-money laundering efforts. The regulators proposed methods for supervisors to use when they communicate with each other, including memorandums of understanding and platforms for swapping information.
The committee, which includes regulators from Europe and...
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