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OCC BULLETIN 2001-7
Subject: Anti-Money-Laundering Guidance
Date: February 7, 2001
To: Chief Executive Officers of National Banks, Department and Division Heads, Examining Personnel, and Other Interested Parties
Description: Basel Committee Consultative Paper
On January 31, 2001, the Basel Committee on Banking Supervision (committee) published a consultative paper entitled "Customer Due Diligence for Banks." The paper is available on the committee’s Web site at http://www.bis.org/publ/bcbs77.htm. Comments are being accepted by the committee until March 31, 2001.
The committee's paper provides guidance to banks and bank supervisors on customer due diligence. The paper particularly focuses on basic standards for customer acceptance, identification, and dealing with high-risk accounts; the role of supervisors; and customer due diligence in a cross-border context. Although the due diligence standards discussed in the paper are unlikely to require a change to current OCC supervisory practices in the area of anti-money-laundering, national banks are encouraged to review and comment on the paper, as appropriate. The committee will finalize the paper once the comment period is finished.
Comments may be submitted to the Basel Committee to the following address:
Basel Committee on Banking Supervision
Copies may be sent to the OCC to:
Basel CDD Consultative Paper
For further information regarding this bulletin, please contact Tanya Smith, senior international advisor, International Banking and Finance, at (202) 874-4730.
Jonathan L. Fiechter