Expert Edition overview
The Basel AML Index offers a subscription-based Expert Edition, which is a more comprehensive and customizable country risk assessment tool to assist financial institutions and other stakeholders to fulfill regulatory and compliance requirements. In contrast to the public version, it provides:
- An overview of 203 countries with sub-indicators
- A customizable tool to adjust to institutional needs
- Country sanctions such as FATF Public Statements, U.N. Security Council Res., U.S. State Sponsor of Terrorism lists, and
- Regular updates as new data becomes available
- Downloads of all data available in Excel and CSV
With the subscription of the Expert Edition, financial institutions and other reporting entities have an independent AML country risk rating tool at their disposal to mitigate money laundering and terrorist financing risk. The Expert Edition provides a user-friendly online tool to assist compliance officers to improve or replace the in-house country risk assessment.
Who uses the Expert Edition?
Since the launch of the Basel AML Index in 2012 more than 100 institutions from both the public and private sector have subscribed to the Expert Edition and consider it an indispensable tool for their risk assessment. Current subscribers include some of the most renowned financial institutions and multinational companies such Allianz Insurance, Santandar, UBS and ING Bank.
In addition, financial authorities and public institutions including those below also subscribed to our Expert Edition for an independent country risk rating:
- UK HM Treasury
- Reserve Bank of Australia
- Reserve Bank of New Zealand
- Dubai Financial Service Authority
- International Finance Corporation of the World Bank
- Various FIUs and Central Banks
Why use the Expert Edition?
The financial industry considers the Expert Edition an invaluable tool for regulators and financial institutions, and particularly values its foundation in scientific research and the independence of its developers. Within the first year of its existence, the FATF listed the Basel AML Index in its publication as one of the Indexes to be considered for country or geographic risk factors*.
Our in-house experts on anti-money laundering and compliance have extensive experience and insight into industry practice and regulatory requirements regarding country risk models. In the development stages and during the Basel AML Index annual review, the Basel Institute further extensively consults with key stakeholders and representatives from academia, financial industry, international organisations (e.g. Transparency Interntational and UNODC), law enforcement and regulatory institutions.
The Expert Edition can be used as a stand-alone solution to satisfy regulatory requirements or as an independent benchmarking tool to validate in-house risk assessments.
In addition, researchers, policy-makers and compliance officers who are interested in better understanding a country’s risk rating/result are encouraged to consult the specific sub-indicators employed in the construction of the Index. The sub-indicators provide for each country a score that might be more relevant to a specific risk assessment such as for different client segments.
*See “Specific Risk Factors in the Laundering of Proceeds of Corruption - Assistance to reporting institutions” FATF 2012: 31.
New: Expert Edition Plus – dataset analysis of FATF Mutual Evaluation
The Basel Institute is now offering a highly detailed and comparative analysis of the FATF Mutual Evaluation Reports as an additional service to the Expert Edition of the Basel AML Index. It provides individual scoring of the FATF 40 Recommendations and Effectiveness measures to support or customise your in-house country risk assessment.
Developed by the Institute’s anti-money laundering experts to enhance your country risk model, the FATF dataset offers a breakdown of the FATF ratings for each recommendation and effectiveness measure. This allows you to assess each FATF recommendation individually by focusing on your specific compliance needs, for example the FATF Due Diligence requirements or terrorism financing regulations.
|Public version||Expert Edition||Expert Edition Plus|
|Free for academics, public and supervisory institutions and non-profit organisations||✓||✓||✓|
|Updated at regular interval as new data becomes available||✓||✓|
|14 sub-indicators and sanctions list||✓||✓|
|Downloadable data set||✓||✓|
|Expert advice and tailor-made solutions upon request||✓||✓|
|Complete FATF data set, including small jurisdictions (i.e. Jersey, Gibraltar)||✓|
|Annual subscription fee||free||CHF 2'000||CHF 4'000|
The demo account provides interested users access to the Expert Edition with a sample of countries to test all the functions.