What is the FATF? The body behind global anti-money-laundering rules
By SendPay Business · · 2 min read
The Financial Action Task Force, or FATF, is an intergovernmental body that sets the global standards for fighting money laundering and terrorist financing. It was set up in 1989 by the G7 and is based in Paris. Most countries' anti-money-laundering laws trace back to its standards.
The 40 Recommendations
The FATF's standards are called the 40 Recommendations. They cover things like checking customers' identity, keeping records, reporting suspicious activity, knowing who really owns companies, and sharing sender and receiver details on transfers, known as the travel rule, which now also applies to crypto.
How countries are checked
The FATF and its regional partner bodies run peer reviews, called mutual evaluations, of how well each country follows the standards in law and in practice.
The grey list and the black list
The lists are updated after FATF plenary meetings, usually three times a year, so always check the current version on the FATF website.
- Grey list: jurisdictions under increased monitoring, which have agreed to fix weaknesses to a set timeline.
- Black list: high-risk jurisdictions subject to a call for action, where members are asked to apply enhanced checks or countermeasures.
Why it matters for money platforms
Payments involving a listed country usually need enhanced due diligence, and banks and partners may limit them. If you run a money platform, your risk policies should reflect the current lists.
Where SendPay fits
Every SendPay platform includes customer identity verification at sign-up, powered by licensed partners. Your own anti-money-laundering policies remain your responsibility, and SendPay tells you in writing what applies before you pay.
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The extra checks often needed for higher-risk countries.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.