Basel Committee on Banking Supervision
Basel Committee on Banking Supervision
Customer due diligence for banks
October 2001
Working Group on Cross-border Banking
Co-Chairs:
Mr Charles Freeland, Deputy Secretary General, Basel Committee on Banking Supervision
Mr Colin Powell, Chairman, Offshore Group of Banking Supervisors, and Chairman, Jersey Financial Services Commission
Bermuda Monetary Authority Cayman Islands Monetary Authority
Banque de France/Commission Bancaire Federal Banking Supervisory Office of Germany
Guernsey Financial Services Commission
Banca d'Italia Financial Services Agency, Japan
Commission de Surveillance du Secteur Financier, Luxembourg Monetary Authority of Singapore
Swiss Federal Banking Commission
Financial Services Authority, United Kingdom Board of Governors of the Federal Reserve System Federal Reserve Bank of New York Office of the Comptroller of the Currency
Secretariat
Mr D Munro Sutherland
Mr John Bourbon Mrs Anna McLean
Mr Laurent Ettori
Mr Jochen Sanio Mr Peter Kruschel
Mr Peter G Crook (until April 2001) Mr Philip Marr (since April 2001)
Mr Giuseppe Godano
Mr Kiyotaka Sasaki (until July 2001) Mr Hisashi Ono (since July 2001)
Mr Romain Strock
Mrs Foo-Yap Siew Hong Ms Teo Lay Har
Mr Daniel Zuberb?hler Ms Dina Balleyguier
Mr Richard Chalmers
Mr William Ryback
Ms Nancy Bercovici
Mr Jose Tuya Ms Tanya Smith
Mr Andrew Khoo
Table of Contents
I. Introduction ................................................................................................................... 2 II. Importance of KYC standards for supervisors and banks.............................................. 3 III. Essential elements of KYC standards ........................................................................... 5
1. Customer acceptance policy ................................................................................ 6 2. Customer identification......................................................................................... 6
2.1 General identification requirements............................................................. 7 2.2 Specific identification issues ....................................................................... 8
2.2.1 Trust, nominee and fiduciary accounts............................................... 8 2.2.2 Corporate vehicles............................................................................. 8 2.2.3 Introduced business........................................................................... 9 2.2.4 Client accounts opened by professional intermediaries...................... 9 2.2.5 Politically exposed persons.............................................................. 10 2.2.6 Non-face-to-face customers............................................................. 11 2.2.7 Correspondent banking.................................................................... 12 3. On-going monitoring of accounts and transactions............................................. 13 4. Risk management .............................................................................................. 14 IV. The role of supervisors................................................................................................ 14 V. Implementation of KYC standards in a cross-border context ....................................... 15 Annex 1: Excerpts from Core Principles Methodology .......................................................... 18 Annex 2: Excerpts from FATF recommendations ................................................................. 20
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