Handbook on Anti-Money Laundering and Combating the Financing of Terrorism for Nonbank Financial Institutions

The Basel Committee on Banking Supervision, which is the primary standard setter for the prudential regulation of banks, has issued a set of guidelines which can be found online (http://www.bis.org/bcbs/publ/d353.htm)

These papers and other materials can be found online (at http://www.fatgt-gafi.org). Additional materials can also be found on the website of the Asia/Pacific Group on Money Laundering (at http://www.apgml.org).

Additional risks arise with companies operating in the following sectors:

• money services businesses (money exchangers and remitters),

• real estate, and

• dealers in high-value goods such as precious metals and stones.

The policies and procedures which should be put in place include the following requirements:

• Assessing and understanding the risks arising from doing business

• Know your customer and customer due diligence (CDD)

• Monitoring transactions

• Reporting suspicious transactions

• Record keeping