FATF releases guidance on risk-based approach to fighting money laundering
PARIS – The Financial Action Task Force (FATF) has released its long-awaited report on the risk-based approach to anti-money laundering (AML) and combating terrorist financing.
Through high-level principles, rather than taking a one-size-fits-all approach, the new guidance document outlines how both governments and the financial services industry should approach implementing a risk-based approach to fighting money laundering. It defines what a risk-based approach is, what risk categories should be used, variables that may impact risks, and how a risk-based approach affects the fight against terrorist financing.
Although the report accepts that there is no prescriptive
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