Transcription of FATF 40 Recommendations
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FATF 40 Recommendations
2010 FATF/OECD - 1 Financial Action Task Force Groupe d action financi re FATF 40 Recommendations October 2003 (incorporating all subsequent amendments until October 2004) The FATF revised the 40 and the IX Recommendations . The revision of the FATF Recommendation was adopted and published in February 2012. See for the 2012 FATF Recommendations . FATF Standards FATF 40 Recommendations 2 - 2010 FATF/OECD INTRODUCTION Money laundering methods and techniques change in response to developing counter-measures. In recent years, the Financial Action Task Force (FATF) 1 has noted increasingly sophisticated combinations of techniques, such as the increased use of legal persons to disguise the true ownership and control of illegal proceeds, and an increased use of professionals to provide advice and assistance in laundering criminal funds. These factors, combined with the experience gained through the FATF s Non-Cooperative Countries and Territories process, and a number of national and international initiatives, led the FATF to review and revise the Forty Recommendations into a new comprehensive framework for combating money laundering and terrorist financing.
d) Conduct enhanced ongoing monitoring of the business relationship. 7. Financial institutions should, in relation to cross-border correspondent banking and other similar relationships, in addition to performing normal due diligence measures: a) Gather sufficient information about a respondent institution to understand fully the nature
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