FATF: GUIDANCE FOR A RISK-BASED APPROACH FOR PRIVATE SECTOR AML/CFT SUPERVISORS

On 4 March, FATF published this Guidance intended to guide such supervisors on how to assess risks in the sectors they oversee and adapt their resources accordingly and includes strategies to address common challenges.  The guidance is based on the work of project team members and the extensive input by the FATF Global Network of FATF Members and FATF-Style Regional Bodies (FSRB), together making up more than 200 jurisdictions.  The guidance is also said to have benefited from informal consultation with a range of private sector representative bodies and financial inclusion stakeholders.  For the purposes of this Guidance, the term ‘supervisors’ refers to the designated competent authorities or non-public bodies with responsibilities aimed at ensuring compliance by regulated entities of AML/CFT requirements and includes self-regulating bodies (SRB) designated to perform this function.  Its objective is to clarify and explain how supervisors should apply a risk-based approach to their activities in line with the FATF Standards.  In addition to explaining common expectations, the Guidance is also forward looking and identifies innovative practices that can help improve the effectiveness of AML/CFT supervision and thus the overall AML/CFT system.

https://www.fatf-gafi.org/media/fatf/documents/Risk-Based-Approach-Supervisors.pdf

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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