The Financial Action Task Force (“FATF”) recently released its Report on the State of Effectiveness and Compliance with the FATF Standards Report. The FATF details the results of its 4th Round of Mutual Evaluations which serves to evaluate the assessed countries’ effectiveness in preventing money laundering and terrorist financing.

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For financial institutions and other entities subject to anti-money laundering (AML) laws and regulations (e.g., real estate agents, lawyers, and accountants), StoneTurn Partner Kristin Bone notes the following key takeaways and considerations for entities when assessing existing compliance programs:

• The FATF reports that countries need to respond to the rapidly changing risks effectively and promptly.
• The FATF expresses concern with entities’ low level of understanding of the AML risks and how to mitigate against such risks, particularly smaller, regional entities.
• The FATF reports that “all sectors” can be better at filing suspicious transaction reports.

Read Kristin’s insights in the client alert.

About the Authors

Kristin Bone

Kristin Bone

Kristin Bone, a Senior Adviser with StoneTurn, has more than 25 years of forensic accounting, auditing, risk and compliance, and dispute consulting experience, with a specialization in financial crimes. Kristin […]

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