Regulatory Alerts2020-01-08
Added · Updated
FATF Guidance for a Risk-Based Approach for Legal Professionals
The Financial Action Task Force issued this guidance to assist legal professionals and supervisors in implementing the risk-based approach to combat money laundering and terrorist financing. It requires legal professionals to identify, assess, and mitigate ML/TF risks through tailored client due diligence and ongoing monitoring measures. The document also outlines supervisory responsibilities for competent authorities and self-regulatory bodies to ensure effective compliance within the legal sector.