Regulatory Alerts2020-01-08
Specific Risk Factors in the Laundering of Proceeds of Corruption
The Financial Action Task Force issued this guidance to assist reporting institutions in identifying and mitigating risks associated with laundering the proceeds of corruption. The document outlines specific customer, geographic, and product risk factors that require enhanced due diligence beyond standard Politically Exposed Person protocols. It emphasizes that effective anti-money laundering systems must assess corruption risks across all business relationships, not solely those involving PEPs, to detect sophisticated concealment methods.
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