Question 1

What is FATF and why does it matter?

Accepted Answer

The Financial Action Task Force is an inter-governmental body (1989) that sets international standards on AML, counter-terrorism financing (CTF), and counter-proliferation financing. Its 40 Recommendations form the de facto global baseline. FATF conducts mutual evaluations of member jurisdictions...

Question 2

What is the AML regime in Australia?

Accepted Answer

The *Anti-Money Laundering and Counter-Terrorism Financing Act 2006* (Cth), administered by AUSTRAC, imposes obligations on reporting entities providing designated services listed in section 6 of the Act. Core obligations: enrolment, AML/CTF programme, customer identification (Part B of the progr...

Question 3

What is the AML regime in the United States?

Accepted Answer

The Bank Secrecy Act 1970 (BSA), as amended by the USA PATRIOT Act 2001 and the Anti-Money Laundering Act 2020 (part of the NDAA 2021), is the foundational federal AML statute. Administered by FinCEN (Treasury), with examination by the prudential regulators (OCC, FRB, FDIC, NCUA) and the SEC / FI...

Question 4

What is the AML regime in the European Union?

Accepted Answer

The EU regime moved from a Directive-based to a Regulation-based architecture under the 2024 AML Package. Key instruments:

Question 5

What is the AML regime in the United Kingdom?

Accepted Answer

The UK regime is built on the Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017, as amended), and the Sanctions and Anti-Money Laundering Act 2018 (SAMLA). Supervisors i...

Question 6

Which jurisdictions are on the FATF grey list?

Accepted Answer

The list changes at each FATF plenary (typically February, June, October). A current reference must always be taken from fatf-gafi.org. Countries on the list ("Jurisdictions under Increased Monitoring") have committed to address strategic deficiencies. Inclusion triggers EDD obligations in many r...

Question 7

What is a "designated service" under the Australian Act?

Accepted Answer

Section 6 of the *AML/CTF Act 2006* enumerates the activities that bring a person within the definition of a reporting entity — the trigger for AML obligations. Tables 1 (financial services), 2 (bullion), 3 (gambling), and 4 (digital currency exchange, added 2018) list specific service descriptio...

AML/CTF obligations by jurisdiction