FATF Preventive Measures

In a constantly changing financial world, the preventive measures of the Financial Action Task Force (FATF) are the cornerstone of the fight against money laundering and terrorist financing. These recommendations, which extend from Recommendation 9 to Recommendation 23, represent much more than a simple regulatory framework: they are the key to a sound and ethical financial system 🏦.

At the heart of these measures is the duty of customer due diligence (Recommendation 10), the foundation of any secure business relationship 🔍. This vigilance is accompanied by an obligation to keep documents for a minimum of five years (Recommendation 11), thus guaranteeing complete traceability of transactions 📜.

Technological developments have not been forgotten, with particular attention paid to new technologies and virtual assets (Recommendation 15) 💻. Wire transfers are also subject to increased scrutiny, requiring accurate information on originators and beneficiaries (Recommendation 16).

Suspicious transaction reporting (Recommendation 20) is a crucial pillar of this framework ⚠. It requires constant vigilance and immediate responsiveness to suspicious transactions, while maintaining strict confidentiality (Recommendation 21).

These recommendations extend beyond the traditional financial sector, encompassing Designated Non-Financial Businesses and Professions (DNFBPs) 🏢. Casinos, real estate agents, precious metals dealers, lawyers and notaries are all covered by these obligations (Recommendations 22 and 23).

The impact of these measures is transformative ✨. They have not only strengthened customer confidence and protected against legal risks, but have also spurred innovation in compliance practices. The adoption of RegTech technologies and the development of continuing education programs are evidence of this positive evolution 📈.

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