Our summary
The FATF Recommendations are forty measures that countries are expected to implement to fight money laundering, terrorist financing and the financing of weapons proliferation. National AML laws are largely built on them, and they are updated regularly.
For organisations, they shape expectations on customer due diligence, beneficial ownership, record keeping, suspicious transaction reporting and sanctions.
How auditors use it: to understand where local AML rules come from, and to benchmark an organisation’s AML program against the international standard.