Specifications detail the AML/CFT duties of financial institutions (FI)
and designated non-financial businesses and professions (DNFBPs).
They consider mainly FATF Recommandations, Basel Committee and
Wolfsburg standards as well as best practices in order to ensure an
optimal level of compliance and effectiveness of the preventive
measures adopted by the aforementioned FI and DNFBPs.
B&B offers new specifications: “Global AML – Full Effectiveness” that
replace their own first ones, used as the basis for the assessment
during the experimental phase launched in the wake of Tunisia’s
inscription on the FATF Public Statement (grey list) and the EU one
(black list).
The new specifications describe all the AML/CFT obligations that
should be observed by financial institutions and DNFBPs.
These obligations broadly relate to (a) AML/CFT policies, procedures
and process to be adopted and implemented, and (b) the internal
good governance arrangements to be put in place to ensure their
effectiveness.
This framework is characterized by the strong emphasis it places on
(a) the Risk Based Approch (RBA) and “Effectiveness” as cornerstones
of the new international standard and (b) the cross-cutting approach
it applies in assessment and upgrading work.
In addition, this framework is regularly updated to ensure that it
remains comprehensive and relevant and consequently, to ensure
the credibility of B&B’s offering as the first ever company in the world
to have provided the international financial community with a tool
capable of significantly improving the performance of FIs and DNFBPs
in detecting suspicious transactions and reporting them to the
relevant FIUs.

The ultimate goal remains, of course, to reassure FIs and DNFBPs (a)
that are clients on the high level of compliance and effectiveness of
their AML/CFT preventive measures, with regard to international
standards, and (b) to protect them against the threats and
vulnerabilities to which they are exposed and the sanctions and other
deterrent measures that could be taken against them by the
competent supervisory authority or cross-border banking
correspondents.