Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach for Trust and Company Service Providers
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 trust and company service provider sector. The document provides specific directives for TCSPs to identify, assess, and mitigate money laundering and terrorist financing risks through tailored client due diligence and ongoing monitoring measures. It also outlines supervisory expectations for competent authorities and self-regulatory bodies regarding licensing, enforcement, and the verification of beneficial ownership information.
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