Get Market Practice Recommendation To Comply With FATF SRVII - Swift

The FATF revised the 40 and IX Recommendations....IX Special Recommendations. I.Ratification and implementation of UN instrumentsII.Criminalising the financing of terrorism and associated money launderingIII.Freezing and confiscating terrorist assetsIV.Reporting suspicious transactions related to terrorismV.International co-operation4 more rows

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

FATF has urged Myanmar to fully address its AML/CFT deficiencies. Myanmar will continue to remain on the list of countries subject to FATF's call for action until its full action plan is completed. FIs should therefore continue to be alert to the heightened risks arising from the situation in Myanmar.

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

As amended February 2023. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction.

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

The FATF's Travel Rule requires VASPs, along with other financial institutions, to share relevant originator and beneficiary information from virtual asset transactions, with the aim of preventing money-laundering, terrorist financing, and other fraud activity.

The FATF revised the 40 and IX Recommendations....IX Special Recommendations. I.Ratification and implementation of UN instrumentsII.Criminalising the financing of terrorism and associated money launderingIII.Freezing and confiscating terrorist assetsIV.Reporting suspicious transactions related to terrorismV.International co-operation4 more rows

The FATF calls on its members and urges all jurisdictions to apply effective counter-measures and targeted financial sanctions to protect the international financial system from the ongoing and substantial money laundering and terrorism financing risks.

FATF Recommendations AML/CFT Policies and coordination. Money laundering and confiscation. Terrorist financing and financing of proliferation. Preventive measures. Transparency and beneficial ownership of legal persons and arrangements. Powers and responsibilities of competent authorities and other institutional measures.

Recommendation 20- Reporting of suspicious transactions FATF Recommendation 20 requires financial institutions to report suspicious transactions if it suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing.

15/INR. 15 to mitigate such risks. In particular, FATF's Travel Rule requires VASPs and other financial institutions to share relevant originator and beneficiary information alongside virtual asset transactions, therefore helping to prevent criminal and terrorist misuse.

The FATF revised the 40 and IX Recommendations....IX Special Recommendations. I.Ratification and implementation of UN instrumentsII.Criminalising the financing of terrorism and associated money launderingIII.Freezing and confiscating terrorist assetsIV.Reporting suspicious transactions related to terrorismV.International co-operation4 more rows

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

FATF has urged Myanmar to fully address its AML/CFT deficiencies. Myanmar will continue to remain on the list of countries subject to FATF's call for action until its full action plan is completed. FIs should therefore continue to be alert to the heightened risks arising from the situation in Myanmar.

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

As amended February 2023. The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction.

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

The FATF's Travel Rule requires VASPs, along with other financial institutions, to share relevant originator and beneficiary information from virtual asset transactions, with the aim of preventing money-laundering, terrorist financing, and other fraud activity.

The FATF revised the 40 and IX Recommendations....IX Special Recommendations. I.Ratification and implementation of UN instrumentsII.Criminalising the financing of terrorism and associated money launderingIII.Freezing and confiscating terrorist assetsIV.Reporting suspicious transactions related to terrorismV.International co-operation4 more rows

The FATF calls on its members and urges all jurisdictions to apply effective counter-measures and targeted financial sanctions to protect the international financial system from the ongoing and substantial money laundering and terrorism financing risks.

FATF Recommendations AML/CFT Policies and coordination. Money laundering and confiscation. Terrorist financing and financing of proliferation. Preventive measures. Transparency and beneficial ownership of legal persons and arrangements. Powers and responsibilities of competent authorities and other institutional measures.

Recommendation 20- Reporting of suspicious transactions FATF Recommendation 20 requires financial institutions to report suspicious transactions if it suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing.

15/INR. 15 to mitigate such risks. In particular, FATF's Travel Rule requires VASPs and other financial institutions to share relevant originator and beneficiary information alongside virtual asset transactions, therefore helping to prevent criminal and terrorist misuse.