FATF CHANGES RULES FOR ASSESSMENT OF THIRD PARTY VERIFICATION OF AML/CFT CHECKS
August 1st, 2011
BY ALAN OSBORN
THE USE of third parties to provide verification that anti-money laundering checks such as CDD (customer due diligence) have been properly carried out is fraught with legal and other difficulties. It is, not surprisingly, one of the areas where banks and others have urged the Financial Action Task Force (FATF) to consider changes in its official recommendations during its current comprehensive review. The main stumbling block for many is the FATF requirement that "where such reliance is permitted, the ultimate responsibility for customer ...
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