The Financial Action Task Force (FATF) is the body responsible for setting international standards to prevent money laundering. Its 40 recommendations are not suggestions; they are a technical mandate that defines whether a country is a safe destination for investment or if it should be financially isolated.
Why are they mandatory?
Although the FATF does not have direct sanctioning power like a court, its mutual evaluations determine a country's position on the "gray" or "black" lists. For a company in Latin America, complying with these recommendations is the key to accessing global markets.
Fundamental axes of the recommendations:
Risk-based approach (RBA): companies must identify where they are most vulnerable and allocate resources accordingly.
Transparency of beneficial owners: it is not enough to know the client company; it is necessary to know who the natural persons behind the business are.
International cooperation: the flow of information across borders is vital to stop the financing of terrorism.
AgileCheck and compliance with international standards
Our compliance software is specifically designed to meet the technical standards required by the FATF. From the creation of the risk matrix to the reporting of suspicious activities, AgileCheck documents each process under the DEPD methodology, ensuring that your company is always prepared for oversight.