These approaches -already adopted by countries such as the United States- are included in several of the regulatory aspects proposed by the US Patriot Act, and are in line with the spirit of many of the recommendations of the FATF. The risk-based approach recognizes that the banking business has peculiarities linked to cultural and historical matters associated with each region.
Thirdly, it provides for a joint committee between the Bank and MRA that will meet at quarterly intervals to consider the implementation of the MoU and matters arising therefrom. I am sure that both the Bank and the MRA will be able to perform their responsibilities with better information than they would be able to without the MoU.