Glossary / Also known as

FATF recommendations

Another name for FATF Compliance.

Other names

What does FATF recommendations mean?

FATF recommendations is another name for FATF Compliance. Adherence to the Financial Action Task Force standards for combating money laundering, terrorist financing, and proliferation financing.

The two names mean the same thing. You will see "FATF recommendations" in some ledgers, reports and contracts and "FATF Compliance" in others. The full entry covers how it works, with examples.

Read the full definition of FATF Compliance

Topics

Trade and foreign exchange

From the glossary

Related terms.

Trade and foreign exchange FATF Compliance Adherence to the Financial Action Task Force standards for combating money laundering, terrorist financing, and proliferation financing. Also called Financial Action Task Force compliance, FATF recommendations Trade and foreign exchange Anti-Money Laundering (AML) Regulations and processes to detect, prevent, and report money laundering activities in the financial system. Also called anti money laundering, PMLA compliance Trade and foreign exchange Directorate of Enforcement (ED) India's financial investigation agency responsible for enforcing FEMA and PMLA, investigating economic crimes and money laundering. Also called Enforcement Directorate Vendor onboarding KYC (Know Your Customer) The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud. Also called know your customer checks, KYC verification, customer due diligence Trade and foreign exchange FCRA (Foreign Contribution Regulation Act) India's law regulating the acceptance and utilization of foreign contributions by NGOs, associations, and individuals. Also called Foreign Contribution (Regulation) Act, FCRA 2010 Trade and foreign exchange Benami Transaction A transaction where property is held under a fictitious or proxy name, prohibited and punishable under Indian law. Also called benami property transaction

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