What are FATF requirements?
FATF requires that a country follow its 40 Recommendations designed to enhance AML/CFT measures globally.
While these recommendations are not legally binding, FATF assesses a country’s AML/CFT framework based on these recommendations.
Non-adherence can result in the country being placed in FATF’s grey list or black list.
These recommendations cover requirements such as customer due diligence, record-keeping, and international cooperation.
Here is the article providing a comprehensive understanding of the role of FATF in fighting financial crimes: