Public Consultation on the Draft Risk-Based Approach Guidance for Legal Professionals,,Accountants and Trust and Company Service Providers
25 February 2019 - The FATF is currently developing guidance to assist countries, competent authorities and professionals in the legal, accountancy and trust and company service providers sectors in the application of a risk-based approach (RBA) to AML/CFT. The guidance is intended to provide support both to the private sector and public authorities, by focusing on ML/TF risks and associated mitigation measures.
The FATF is consulting private sector stakeholders before the guidance is finalised, and wishes to receive your views on, and specific proposals to the text of the three guidance documents:
- FATF-RBA Guidance for Legal Professionals
- FATF-RBA Guidance for Accountants
- FATF-RBA Guidance for Trust and Company Service Providers
The draft guidance will have separate annexes on examples of supervisory practices for the implementation of RBA and private sector practices for the implementation of RBA. These annexes are currently under development. Your contributions to these annexes are also welcome.
While submitting your response, please indicate the name of your organisation and your contact details. You may insert any specific drafting proposals directly in the attached text of the draft guidance in track change. Please note that the current draft of the guidance has not been approved by the FATF at this stage. It will be subject to further revisions and amendments.
Your comments should reach us at FATF.Publicconsultation@fatf-gafi.org with subject-line “Comments of XX on the draft RBA Guidance for the XX Sector”, no later than Monday, 08 April 2019. All the comments received will be shared with the FATF delegations.
FATF intends to adopt the final Guidance at its June 2019 Plenary meeting.
More on:
- FATF Guidance - Securities Sector (October 2018)
- FATF Guidance - Life Insurance Sector (October 2018)
- FATF Guidance - Private Sector Information Sharing (November 2017)
- FATF Guidance on Correspondent Banking Services (October 2016)
- Consolidated FATF Standards on Information-sharing (June 2016)
- BCBS Guidelines on Sound management of risks related to money laundering and financing of terrorism (February 2016) [will open in a new window]
- FATF Guidance for a risk-based approach for the banking sector (October 2014)