New Commitment to Customer Due Diligence by Bank Supervisors

Banking regulators have pledged their support for the standards set out in the Basel Committee on Banking Supervision’s Customer due diligence for banks report. Regulators representing nearly 120 countries at the International Conference of Banking Supervisors (ICBS) announced their commitment to fight the funding of terrorist activities and the laundering of funds related to these activities by strengthening enforcement of measures that make it harder to disguise the ownership of bank accounts. The adoption of appropriate due diligence standards is an essential part of banks’ risk management, needed to safeguard confidence and the integrity of banking systems, said the Basel Committee. Participants at the conference, held in Cape Town, South Africa, on 18-19 September, endorsed the following measures: adoption of know-your-customer procedures within individual jurisdictions, as part of effective customer due diligence programmes; and sharing of information related to terrorist financing and money laundering with other supervisors and with law enforcement agencies.

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