Risk-Based Approach â Guidance for Money Service Businesses

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Risk-Based Approach – Guidance for Money Service Businesses - July 2009Norway: See Guidelines to the new Money Laundering Act and Regulation, including guidelineson the risk-based approach:(www.kredittilsynet.no/Global/Venstremeny/Rundskriv%20-%20vedlegg/23062009_Rundskriv_8_2009_Endelig.pdf) (Norwegian only)United Kingdom: See the Guidelines issued by HM Revenue and Customs atwww.hmrc.gov.uk/mlr/mlr8.pdfUnited States: In December 2008, the Financial Crimes Enforcement Network (FinCEN)released a manual to provide guidance to officials examining money services businesses (MSBs)for compliance with the requirements of the Bank Secrecy Act (BSA). The following is a link tothe Manual: www.fincen.gov/news_room/rp/files/MSB_Exam_Manual.pdfGeneral MSB information is also available via FinCEN's homepage; the website references allMSB guidance and additional MSB educational materials.See www.fincen.gov/financial_institutions/msb/.C. Other Sources of Information to help assist national and financial institution risk assessmentof countries and cross border activitiesIn determining the levels of risks associated with particular country or cross border activity financialinstitutions and governments may draw on a range of publicly available information sources, these mayinclude reports that detail observance of international standards and codes, specific risk ratings associatedwith illicit activity, corruption surveys and levels of international cooperation. Although not an exhaustivelist the following are commonly utilised:IMF and World Bank Reports on observance of international standards and codes (FinancialSector Assessment Programme) World Bank reports: www1.worldbank.org/finance/html/cntrynew2.html, International Monetary Fund: www.imf.org/external/np/rosc/rosc.asp?sort=topic#RR Offshore Financial Centres (OFCs) IMF staff assessmentswww.imf.org/external/np/ofca/ofca.asp.Mutual evaluation reports issued by FATF Style Regional Bodies:1. Asia/Pacific Group on Money Laundering (APG)www.apgml.org/documents/default.aspx?DocumentCategoryID=82. Caribbean Financial Action Task Force (CFATF)www.cfatf.org/profiles/profiles.asp3. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures(MONEYVAL)www.coe.int/t/e/legal_affairs/legal_cooperation/combating_economic_crime/5_money_laundering/Evaluations/Reports_summaries3.asp#TopOfPage46 - © 2009 FATF/OECD
Risk-Based Approach – Guidance for Money Service Businesses - July 2009 4. Eurasian Group (EAG)www.eurasiangroup.org/index-7.htm5. Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)www.esaamlg.org/reports/me.php6. GAFISUDwww.gafisud.org/actividades.asp7. Inter-governemental Actions Group against Money Laundering in West Africa (GIABA)www.giaba.org/index.php?type=c&id=24&mod=2&men=18. Middle East and North Africa FATF (MENAFATF)www.menafatf.org/TopicList.asp?cType=trainOECD Sub Group of Country Risk Classification (a list of country of risk classificationspublished after each meeting).www.oecd.org/document/49/0,2340,en_2649_34171_1901105_1_1_1_1,00.htmlInternational Narcotics Control Strategy Report (published annually by the US StateDepartment).www.state.gov/p/inl/rls/nrcrpt/Egmont Group membership – Coalition of FIU's that participate in regular information exchangeand the sharing of good practice, acceptance as a member of the Egmont Group is based a formalprocedure that countries must go through in order to be acknowledged as meeting the Egmontdefinition of an FIU.www.egmontgroup.org/Signatory to the United Nations Convention against Transnational Organized Crimewww.unodc.org/unodc/crime_cicp_signatures_convention.htmlThe Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury economicand trade, Sanctions Programmeswww.ustreas.gov/offices/enforcement/ofac/programs/index.shtmlConsolidated list of persons, groups and entities subject to EU Financial Sanctionshttp://ec.europa.eu/comm/external_relations/cfsp/sanctions/list/consol-list.htmUN Security Council Sanctions Committee – Country Status:www.un.org/sc/committees/© 2009 FATF/OECD - 47
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Risk-Based Approach â Guidance for Money Service Businesses