Standards for the Design of AML/CFT Countermeasures

The Financial Action Task Force (FATF) is a multinational body established to combat money laundering and terrorism financing. It includes thirty-four countries and two regional organizations – the EU and Gulf Co-operation Council.  The purpose of these guidelines is to set standards and support countries and their financial institutions in the design of AML/CFT countermeasures in accordance with their legal, administrative and operational frameworks. These guidelines have informed the development of regulations for FATF member countries. The guidelines include 40 recommendations and interpretive notes covering:

  • Policies and procedures for customer due diligence (CDD)
  • Beneficial ownership
  • International coordination
  • Record-keeping
  • Sanctions
  • Politically exposed persons
  • Reliance on third parties
  • Internal controls across foreign branches and subsidiaries
  • Reporting of suspicious transactions.

 

Compliance Made Easy

Alacra Compliance Enterprise follows FATF guidelines and enables banks to simplify and streamline customer due diligence for money laundering and terrorism financing risks. Learn more

Alacra Surveillance further provides a risk-based approach to monitoring those risks. Learn more