The Application of Group-Wide Programmes by Non-Financial Business and Professions

In October 2021, the Financial Action Task Force (FATF) adopted minor amendments to Recommendation 23 and the FATF Glossary to clarify how the existing requirements in Recommendation 18 to implement group-wide programmes against money laundering and terrorist financing apply to Designated Non-Financial Businesses and Professions (DNFBPs) under Recommendation 23.

These Explanatory Materials give more clarity as to the FATF’s intentions in this area and how they fit with its overall objective of improving the effectiveness of AML/CFT measures.  

They explain the basic concepts, and answer questions such as 'What does the FATF mean by common ownership, management or compliance control?' and 'How should DNFBP groups and other structures implement group-wide programmes?'

 

 

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