Financial Crime World

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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT): International Guidelines and Regulations

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This document provides a comprehensive overview of various international, European Union (EU), and national guidelines, regulations, and reports related to AML/CFT.

International Level

Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an inter-governmental organization that sets international standards for AML/CFT. Key documents include:

  • FATF Recommendations: International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation (February 2012, updated in February 2023)
  • Guidelines:
    • Guidance dated March 2023 on Beneficial Ownership for Legal Persons
    • Updated Guidance dated October 2021 for a Risk-Based-Approach for the Virtual Assets and Virtual Assets Service Providers
    • Guidance dated June 2021 on proliferation financing risk assessment and mitigation
    • Guidance dated March 2021 on Risk-Based Supervision
    • Guidance dated March 2020 on Digital Identity
  • Best Practices: dated October 2019 on Beneficial Ownership for Legal Persons

Basel Committee

The Basel Committee is an international standard-setting body that develops global standards for the regulation of banks and bank regulatory policies. Key documents include:

  • Guidelines: dated January 2014 on Sound management of risks related to money laundering and financing of terrorism (revised in July 2020)
  • Guidance: dated September 2016 on the application of the Core principles for effective banking supervision to the regulation and supervision of institutions relevant to financial inclusion

European Union

EU Regulations

Key EU regulations include:

  • Regulation 2015/847 of 20 May 2015 on information accompanying transfers of funds
  • Regulation No 910/2014 of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market

EU Directives

Key EU directives include:

  • Directive (EU) 2019/2177: unofficial coordinated version of 30 June 2021
  • Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018 on issues related to criminal law (anti-money laundering)

EU Guidelines

Key EU guidelines include:

  • Guidelines: dated 25 October 2018 for a Risk-Based Approach for the Life Insurance Sector
  • Highlights: dated 21 October 2016 on Correspondent Banking

European Union Institutions

European Commission

The European Commission is responsible for proposing and implementing EU legislation, including AML/CFT rules.

Council of the European Union

The Council represents the governments of EU member states and makes decisions on key issues, including AML/CFT policies.

European Parliament

The European Parliament represents EU citizens and has a role in shaping AML/CFT legislation.

National Level

Belgium

Key national guidelines include:

  • Recommendations: dated February 2012, updated in February 2023
  • Guidelines: dated March 2023 on Beneficial Ownership for Legal Persons
  • Updated Guidance: dated October 2021 for a Risk-Based-Approach for the Virtual Assets and Virtual Assets Service Providers