FATF Recommendations definition

FATF Recommendations means the Recommendations of Financial Action Task Force as amended from time to time;

FATF Recommendations means the FATF Recommendations, Interpretive Notes and Glossary issued by the FATF in February 2012, incorporating such amendments as may from time to time be made to the Recommendations or such document or documents issued by the FATF as may supersede those Recommendations;

FATF Recommendations means the Financial Action Task Force Recommendations, which are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard. These 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.

Examples of FATF Recommendations in a sentence

• FATF Statements circulated by Reserve Bank of India from time to time, and publicly available information, for identifying countries, which do not or insufficiently apply the FATF Recommendations, shall be considered.

• The background and purpose of transactions with persons (including legal persons and other financial institutions) from jurisdictions included in FATF Statements and countries that do not or insufficiently apply the FATF Recommendations shall be examined, and written findings together with all documents shall be retained and shall be made available to Reserve Bank/other relevant authorities, on request.

• Special attention shall be given to business relationships and transactions with persons (including legal persons and other financial institutions) from or in countries that do not or insufficiently apply the FATF Recommendations and jurisdictions included in FATF Statements.

• Banks shall be cautious with correspondent banks located in jurisdictions which have strategic deficiencies or have not made sufficient progress in implementation of FATF Recommendations.

• FATF Recommendations on Controlling Persons: Identify the beneficial owners of the customer and take reasonable measures to verify the identity of such persons, through the following information.

More Definitions of FATF Recommendations

FATF Recommendations means the Recommendations made by the Financial Action Task Force (“FATF”) which are recognised as the international standards in relation to AML/CFT;

FATF Recommendations means the 40 Recommendations set out in the Financial Action Task Force (“FATF”) document ‘International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation’, adopted by the FATF in February 2012;

FATF Recommendations means the applicable recommendations of Financial Action Task Force for combating money laundering and terror financing ;

FATF Recommendations means the International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, adopted by FATF, together with any guidance or supporting documentation published by FATF;

FATF Recommendations means the recommendations issued by the FATF from time to time relating to the prevention of money laundering and the financing of terrorism;

FATF Recommendations means the revised FATF recommendations on International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation and such other amendments as may be made;

FATF Recommendations means the Forty Recommendations (incorporating the amendments of 22nd October 2004) of the FATF;