The global standard

In this article on anti-money laundering, Dominic Nixon and Rohan Bedi of PricewaterhouseCoopers analyse the final changes to the Financial Action Task Force (FATF) 40 recommendations.

The revised Financial Action Task Force (FATF) 40 recommendations, published in June, now apply not only to money laundering but also to terrorist financing. The new recommendations advocate a risk-based approach to anti-money laundering (AML) and provide details on the customer due diligence process. They also clarify the standard of suspicious activity reporting and provide details on three key risk areas – politically exposed persons (PEPs), correspondent banking and non-face-to-face

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