AML/CFT Zero to Hero Course: FATF 40 Recommendations

Explain FATF recommendation 10 on customer due diligence for financial institutions, covering AML/CFT policy and manual development, required triggers, information collection and verification, and risk profiling.

Learn how financial institutions maintain five-year transaction records, enforce aml/cft policies, and apply enhanced due diligence, monitoring, and senior management approval for politically exposed persons.

Understand recommendation 13 on correspondent banking due diligence: gather information on respondent banks, Wolfsburg questionnaire, assess AML/CFT controls with senior management approval, and AML risk review for products or services.

Implement wire transfer screening, originator and beneficiary data against sanction lists. Apply enhanced due diligence for high-risk countries; enforce internal controls across branches; report suspicious transactions to financial intelligence unit.

Explore FATF recommendations 21 and 44: protect whistleblowers reporting suspicious transactions, define breaches of confidentiality, and require rapid reports on terrorism financing, as part of a countrywide AML CFT framework.

Adopt a risk based approach to assess money laundering and terrorism financing through national risk assessment, and criminalize terrorist financing while implementing targeted financial sanctions.

Examine FATF recommendations 7, 8, 9, and 14 on targeted sanctions. Explore nonprofit regulation, financial secrecy laws, and money transfer services for terrorism financing.

Understand how financial institutions may rely on third parties for customer due diligence and know your customer processes, ensuring access to identification data, third-party regulation, and supervision and record keeping.

Apply customer due diligence and record-keeping requirements for designated non-financial professionals, including casinos, real estate agents, precious metals and stones dealers, lawyers, notaries, accountants, and trust and company service providers.

Explore FATF recommendations 23–28 and detail reporting suspicious transactions by designated non-financial professionals, beneficial ownership and KYC for trusts and bearer shares, and strengthen AML/CFT supervision and prohibit shell banks.

Establish a financial intelligence unit as the national center for analyzing suspicious reports on money laundering, predicate offenses, terrorist financing, and cash couriers. Empower law enforcement with documents and statistics.

Explore recommendations 34–38, detailing guidance and feedback mechanisms, sanctions, international instruments, mutual legal assistance, and cross-border asset freezing in anti-money laundering and countering financing of terrorism.

Examine extradition for money laundering and terrorism financing, and prevent safe havens through UNSCR 1373. Strengthen international cooperation and criminalize terrorism financing, seizing proceeds under FATF recommendations 39–43.

Foster international cooperation to curb terrorism financing, prevent safe havens, and support extradition while registering hawala and hundi and ensuring swift transfers include names and addresses for screening.

Explore FATF's 40 recommendations and how non-profit organizations and cash couriers are protected, then identify key AML/CFT standards including US Patriot Act and OFAC.

Discover how CAMS certification propels an AML CFT career, from personal challenges to piloting GML live production, with a focus on continuous learning and professional growth.