FATF

The Evolution of FATF Recommendations for AML/CTF Compliance

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Financial Action Task Force (FATF) is an intergovernmental policy & standard-setting body of the U.S. Department of the Treasury dedicated to countering terror financing and money laundering activities. The FATF Recommendations set an international standard that countries need to implement through measures adapted to their legal, administrative, and operational frameworks and financial systems. It provides …

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FATF Risk-Based Approach to Managing Financial Crime Compliance – Guidance for Banks

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Adopting a “risk-based approach” or RBA is crucial for financial institutions to meet compliance with anti-money laundering (AML) regulations. The Financial Action Task Force (FATF) maintains specific guidance for a risk-based approach in the banking sector, which states that “The risk-based approach (RBA) is central to the effective implementation of the revised FATF International Standards …

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