Regulatory Compliance Association Reviews

FATF Advisory

Financial Action Task Force Advisory

FATF Advisory

LOCATION: MANDARIN ORIENTAL, NEW YORK, NY
DATE: MAY 17TH, 2016

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8 hours of CLE, CPE and CCE (The RCA is the exclusive programmatic accreditation agency for Continuing Compliance Education)

The Financial Action Task Force (FATF) monitors jurisdictions to ensure compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/ CFT) requirements. The FATF’s process identifies certain jurisdictions as having strategic deficiencies in their AML or CFT regimes.

The jurisdictions identified by the FATF process appear in two documents:

  • “FATF Public Statement” that lists jurisdictions subject to the FATF’s call for countermeasures or are subject to Enhanced Due Diligence (EDD), given their AML/CFT deficiencies, and
  • “Improving Global AML/CFT Compliance: on-going process” that identifies jurisdictions the FATF deems to have AML/CFT deficiencies.

Recently, the FATF updated both documents. Alternative Investment and Asset Management Firms should consider these changes when reviewing their Fund Administrator’s enhanced due diligence obligations and risk-based policies, procedures, and practices for jurisdictions identified by the FATF’s latest Advisory.

For a copy the FATF’s latest Advisory, CLICK HERE