Transcription of Basel Committee on Banking Supervision
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Basel Committee on Banking Supervision
Basel Committee on Banking Supervision Customer due diligence for banks October 2001 Working Group on Cross-border Banking Co-Chairs: Mr Charles Freeland, Deputy Secretary General, Basel Committee on Banking Supervision Mr Colin Powell, Chairman, Offshore Group of Banking Supervisors, and Chairman, Jersey Financial Services Commission Bermuda Monetary Authority Mr D Munro Sutherland Cayman Islands Monetary Authority Mr John Bourbon Mrs Anna McLean Banque de France/Commission Bancaire Mr Laurent Ettori Federal Banking Supervisory Office of Germany Mr Jochen Sanio Mr Peter Kruschel Guernsey Financial Services Commission Mr Peter G Crook (until April 2001) Mr Philip Marr (since April 2001)
1. Supervisors around the world are increasingly recognising the importance of ensuring that their banks have adequate controls and procedures in place so that they know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, banks can become
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