Overview international best practices on customer due diligence and related anti-money laundering measures

Purpose The anti-money laundering (AML) frameworks of many countries were generally influenced by the international best practices money that first established in 1988 through Basel Committee on Banking Supervision (BCBS). general belief is these are applicable all jurisdictions, although most still affected laundering. universal measures developed as a yardstick to control and curb globally. Nonetheless, for not tailor-made specific jurisdictions and/or countries. Therefore, it remains duty respective develop their own context-sensitive AML accordance with practices. An overview adopted several analysed this paper. These include customer due diligence BCBS, financial action task force (FATF) standards, well ongoing monitoring risk-sensitive approach implemented Design/methodology/approach article analyses FATF Findings It hoped policymakers other relevant persons will use recommendations provided paper enhance curbing institutions Research limitations/implications does provide empirical research. Practical implications study useful policymakers, lawyers, law students regulatory bodies Social seeks economy society Originality/value original research AML/counter financing terrorism activities