Basel Committee on Banking Supervision. This Committee, established by the central bank governors of the G-10 in 1974, promotes sound supervisory standards worldwide. Banking supervisors have a role in ensuring that banks have procedures in place, including management of risks related to money laundering and terrorist financing.
One of its papers – Sound management of Risks related to Money Laundering and Terrorist Financing (2014)- has a few paragraphs on economic sanctions, included in Chapter 6 “Reporting of Suspicious Transactions and Asset Freezing.” Paragraph 60 says “A bank should be able to identify and to enforce funds freezing decisions made by the competent authority and it should otherwise not deal with any designated entities or individuals (eg terrorists, terrorist organizations) consistent with relevant national legislation and UNSCRs.” Further, paragraph 62 says “All banks should have systems in place to detect prohibited transactions (eg transactions with entities designated by the relevant UNSCRs or national sanctions). See: http://www.bis.org/publ/bcbs275.pdf The Committee’s Secretariat is provided by the Bank for International Settlements in Basel, Switzerland. See www.bis.org.

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