My Ssec Capstone Project The Basel Commitee is one among the significant international standard setter in the banking sector which has as responsibility to bolster

The Basel Commitee is one among the significant international standard setter in the banking sector which has as responsibility to bolster

The Basel Commitee is one among the significant international standard setter in the banking sector which has as responsibility to bolster,supervision,regulation and practices of banks around the world.It sets international banking guidelines to cater for appropriate and efficient banking conducts.Though not legally binding,the rules issued by this committee in the year of December 1988 has had de facto influential effect on its members to execute and apply them.The Basel Committee stress out on those principles:customer identifiction,adherence with legislation,compliance with high standards and local rules and regulations,staff training,full collaboration with national authorities without impeding customer confidentialty and alst but not the least it emphasizes on record keeping and system. With these fundamentals, the committee have been able to reckon the risks in banks if they associate themselves to money laundering It normally has a resolute commitment as regard to establieshed and promote an innocuous AML and TF framework which is critical in securing the safety and soundeness of banks and the stability of the international financial system.Also, it does not contavene with the FATF proposed recommendations instead it supplements and embody them.The basel Committee