[box type=”info” style=”rounded” border=”full”]This analysis has been prepared and shared by Thomson Reuters Accelus[/box]
The increase in high profile investigations and prosecutions of Financial Institutions for having inadequate AML and CFT policies, re-enforces the need for compliance departments to continually conduct self-assessments and ensure they remain compliant with FATF Recommendations.
It is advisable for any organisation doing business in any of the 36 FATF member countries to continually conduct self-assessments and ensure they remain compliant with FATF Recommendations.
The recently revised Recommendations, which include tax evasion and serious tax offences as a predicate offence for money laundering, add a new level of complexity for companies doing business with clients in non-compliant countries.
The increased focus on a risk-based approach to AML and CFT measures adopted by FATF has been designed to encourage organisations to adopt a policy that allows for flexibility and is able to recognise and adapt to new risks.
Read our Revised FATF Recommendations Analysis to learn more about the changes and the implications it will have on the Financial Industry.
Link to the detailed report: click here