Prevention of Criminal Use of the Banking System for the Purpose of Money Laundering

Question 1

what Principle were set out in Statement

Answer 1

Record Keeping and Audit
Customer identification.
• Compliance with laws.
• Conformity with high ethical standards and local laws and regulations.
• Full cooperation with national law enforcement to the extent permitted without breaching
customer confidentiality.
• Staff training.

Question 2

when did Basel Committee issued this Statement of Principles

Answer 2

1988

Question 3

Why did Basel Committee issued this Statement

Answer 3

in recognition of the vulnerability of

the financial sector to misuse by criminals