Following the documents of Basel Committee on Banking Supervision stating the necessity of general risk management, Anti-Money Laundering Principles for Private Banking(Oct. 2000) and Anti-Money Laundering Principles for Correspondent Banking(Nov. 2002) of Wolfsberg Group included the application of “risk-based approach(RBA)” to private banking and corrspondent banking. Under their influence FATF Recommendations revised in 2003 included the contents of the risk-based approach with no comprehensive provision on RBA. The contents on RBA were included only as part of individual provision on customer due diligence. However, FATF 40 Recommendations revised in 2012 completely introduced the RBA and stated that countries should have essential measures in place to identify the risks and develop policies and domestic coordination. They also used the term RBA proposedly. The RBA to AML-CFT means that countries, competent authorities and financial institutions are expected to identify, assess and understand the money laundering and terrorist financing risks to which they are exposed and take AML-CFT measures commensurate to those risks in order to mitigate them effectively. The general principle of the RBA is that, where there are higher risks, countries should require financial institutions and DNFBPs to take enhanced measures to manage and mitigate those risks; and that, correspondingly, where the risks are lower, simplified measures may be permitted. In this paper, I will discuss mainly the issues of customer due diligence, ongoing monitoring, reporting and internal control etc. on the part of guidance for financial institutions, and the issues of RBA to supervision and the supervision of the RBA on the part of guidance for supervisors.