FATF RELEASES GUIDANCE TO HELP ACCOUNTANTS FOLLOW RISK-BASED APPROACH IN AML/CFT EFFORTS

  ACCOUNTANTS may be the designated non-financial professionals controlled by AML/CFT laws best placed to know if a client is laundering money, given their access to complete financial records. And while Financial Action Task Force (FATF) recommendations do not lay down as comprehensive a duty on accountants as banks on lodging STRs (see https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Accounting-Profession.pdf Page 13), it says they must do so when taking active roles in a client’s affairs. This includes actions such as buying and selling real ...


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