Basel Committee: Statement on money laundering and Customer Due Diligence for banks
FC-10.1.3
In December 1988, the
Basel Committee on Banking Supervision issued a "Statement of Principles" followed by the Customer Due Diligence for Banks paper in October 2001 (with attachment dated February 2003 — see www.bis.org/publ/) with which internationally active banks of member states are expected to comply. These papers cover identifying customers, avoiding suspicious transactions, and co-operating with law enforcement agencies.FC-10.1.4
The BMA supports the above papers and the desirability of all
Islamic bank licensees adhering to their requirements and guidance.