The 2012 Financial Action Task Force (FATF) Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction (WMD).
Countries have diverse legal, administrative and operational frameworks as well as different financial systems. Each country therefore must take its own measures to counter these threats. Being an international standard, the resultant measures are therefore adapted to their particular circumstances.
Detect and prevent
All FSA (now FCA) regulated firms, who are subject to the Money Laundering Regulations 2007, must put in place systems and controls to prevent and detect financial crime and money laundering.
Warren Russell, director at W2 Global Data Solutions commented: “Until recently, independent financial professionals have struggled to perform adequate due diligence, sticking with old KYC methods. They have simply not been able to access relevant, cost effective data.”
“Major online providers of such services have typically priced themselves out of this important sector of the financial community. Yes, there are companies out there who provide simple Sanctions checks, and the HM Treasury Sanctions list can even be accessed and searched free of charge.”
“However, Anti Money Laundering checks do not stop at Sanctions. Cost as well as time constraints have all too often stopped adequate due diligence checks being performed.”
To read more on what Warren had to say, and how W2 Global Data Solutions can help prevent you falling-foul of these regulations, download the full release here.