Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach for the Accounting Profession
The Financial Action Task Force issued this June 2019 guidance to support the effective implementation of the risk-based approach for anti-money laundering and counter-terrorist financing within the accountancy profession. The document provides specific instructions for professional accountants on identifying, assessing, and mitigating money laundering and terrorist financing risks through tailored client due diligence and ongoing monitoring. It also outlines supervisory expectations for competent authorities and self-regulatory bodies regarding the oversight of accountants' compliance with FATF Recommendations.
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