Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, (ADB-50258-002)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 23, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Regional
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Oct 21, 2017

Disclosed by Bank Jan 3, 2017


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Project Description
According to ADB website, the Subproject A will support national authorities to improve the regulatory environment in the selected DMCs. The Financial Action Task Force (FATF) recommendation 1 on assessing risks and applying a risk-based approach notes that _[c]ountries should require financial institutions and designated [DNFBPs] to identify, assess and take effective action to mitigate their money laundering and terrorist financing risks._ The Interpretative Notes to the FATF recommendations further state that financial institutions and DNFBPs need to have policies, controls, and procedures that enable them to manage and effectively mitigate the identified risks, and to monitor (and if needed enhance) implementation of controls. Recommendation 10, regarding customer due diligence (CDD), states that each country may determine how it imposes specific CDD obligations, through law or other enforceable means.
Investment Description
  • Asian Development Bank (ADB)
Contact Information
Project Officer: Syquia, Jose Luis C. AIOD No contact information provided at the time of disclosure. ACCOUNTABILITY MECHANISM OF ADB The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main