What is the FATF

The Financial Action Task Force is an organization that prevents the global crime of money laundering and terrorist financing. This institution, agreed by the governments, sets rules to prevent illegal activities and the damage they cause. Also, they make legal regulations in these areas. 

More than 200 countries are implementing these practices. FATF has established global standards to prevent various crimes such as money laundering, corruption, and terrorism financing. It creates regulations to prevent money laundering from drug trafficking and human trafficking.  

FATF is constantly updating its money laundering and terrorist financing regulations, and it is continuously making regulations and revising against cryptocurrencies.  

What Does FATF Do? 

In October 2001, The Financial Action Task Force took the mission one step further by putting the crime of financing terrorism on its agenda. Then, in April 2012, it went one step further and started work to prevent the spread of mass destruction weapons. 

Among the objectives of the FATF are to prevent crimes such as money laundering and terrorist financing. Moreover, it plays a regulatory role in not disrupting the financial system and encourages the effective implementation of measures. It controls its stance against money laundering and terrorist financing and aims to globalize The Financial Action Task Force Recommendations.  

FATF Recommendations 

The duties assigned are as follows; 

 Investigating money laundering crimes. 

Checking the measures taken. 

Explaining what can be done to combat money laundering. 

In April 1990, The Financial Action Task Force published a report containing Forty Recommendations to combat money laundering.  

In 2001, they also addressed the issue of combating terrorist financing and published Eight Special Recommendations. These rules were widely updated in June 2003. In October 2004, The Financial Action Task Force issued an additional Ninth Special Recommendation and expanded its coverage. 

In February 2012, they broadly regulated its standards and published the FATF Recommendations. This revision aims to protect the integrity of the financial system. These practices have to revise against new crimes that are more inclusive. The 9 Special Recommendations on terrorist financing have been embedded in others.

 FATF Blacklists and Greylists

 Financial Action Task Force (FATF) Travel Rule

Comply with FATF Regulations with Sanction Scanner

Today, many financial institutions need to scan and control their customers constantly, and they need to monitor the movements in their accounts. At this point, the Sanction Scanner comes into play. 

Sanction Scanner AML Compliance Solutions ensures the prevention of money laundering in any situation in your business and offers end-to-end features, ensuring you comply with FATF regulations. Sanction Scanner AI-powered AML solutions alleviate your compatibility pain. Contact us for more details or request a demo


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