18th June 2019

FATF Recommendations

FATF Recommendations: What You Need To Know

The Financial Action Task Force (FATF) an international, intergovernmental body dedicated to combating money laundering and the financing of terrorism. Established in 1989, the FATF works to align international AML/CFT standards across its 36 current member states by issuing regular guidance to financial authorities. The FATF sets out its approach to AML/CFT in its ‘40 Recommendations’: member-state authorities and financial institutions seeking to understand or find out how to comply with FATF policy should consult the recommendations before implementing them in a manner consistent with domestic legal and financial systems.

FATF recommendations range from implementing international conventions to introducing reporting and due diligence measures. Some of the most important recommendations are summarized below:

Recommendation 1: Risk-Based Approach

Recommendations 6/7/35: Sanctions

Recommendation 10: Customer Due Diligence

Recommendation 12: Politically Exposed Persons (PEPs)

Recommendation 15: Virtual Assets

Recommendation 16: Wire Transfers

Recommendation 19: Higher Risk Countries

Recommendation 20: Reporting of Suspicious Transactions

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