OCC Bulletin 2001-7| February 7, 2001

Anti-Money-Laundering Guidance: Basel Committee Consultative Paper


Chief Executive Officers of National Banks, Department and Division Heads, Examining Personnel, and Other Interested Parties

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 Website 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
Bank for International Settlements
CH - 4002 Basel

Copies may be sent to the OCC to:

Basel CDD Consultative Paper
Office of the Comptroller of the Currency, Mail Stop 3-6
250 E Street, SW
Washington, DC  20019

For further information regarding this bulletin, please contact Tanya Smith, senior international advisor, International Banking and Finance, at (202) 649-5740.

Jonathan L. Fiechter
Senior Deputy Comptroller for International and Economic Affairs