Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach to the Banking Sector
The Financial Action Task Force issued this October 2014 guidance to establish the risk-based approach as an essential foundation for anti-money laundering and counter-terrorist financing frameworks within the banking sector. The document provides specific directives for national supervisors to adopt risk-based supervision and for banks to implement risk assessments, mitigation strategies, and internal controls commensurate with their identified risks. It aims to support the effective implementation of FATF Recommendations by fostering a common understanding of how to allocate resources and apply enhanced or simplified measures based on risk profiles.
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