FATF updates on global AML/CTF compliance
The Financial Action Task Force (FATF), the global watchdog that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates on international AML/CTF compliance.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
- High-Risk Jurisdictions subject to a Call for Action - 21 February 2020 – which highlights ongoing issues in relation to the Democratic People’s Republic of Korea and Iran.
- Jurisdictions under Increased Monitoring - 21 February 2020 – jurisdictions that have strategic deficiencies in their AML/CTF regimes and are actively working with the FATF to address them.
As part of your AML/CTF program and reporting obligations, reporting entities should be aware of countries that pose a higher risk of money laundering or terrorism financing.
FATF statements should be used by reporting entities to help guide your AML/CTF risk assessment and compliance program, and decisions about submitting suspicious matter reports to AUSTRAC.
For further information, see AUSTRAC’s guidance on high-risk countries, regions and groups.