Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

USA PATRIOT Act Monitor News Release: Basel Committee Sound Practices
2/25/2003 7:27:18 AM Eastern Standard Time

The Basel Committee on Banking Supervision has released Sound Practices for the Management and Supervision of Operational Risk (February 2003, currently available under What's New at the Bank of International Settlements website, The Sound Practices paper reviews recent trends in the banking industry, and how those trends affect the risks banks face. The paper lists money laundering within a broader operational risk event type--Clients, Products, and Business Practices--and, not surprisingly, indicates that risks in this category have the potential for producing substantial losses. The Committee's studies influence approaches of bank regulators throughout the world and members of the Risk Management Group of the Basel Committee include representatives from the Federal Reserve Board, the Federal Reserve Bank of New York, the FDIC, and the OCC.


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