FATF is an abbreviation of the Financial Action Task Force and is the inter-governmental body that sets international standards to prevent money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
Formed by the 1989 G7 Summit in Paris, FATF was initially formed to combat the growing problem of money laundering. Along with the increase in the members starting from 16 and now to 39 by 2021, FATF also broadens the action to combat terrorism financing. 39 full members comprise 37 member jurisdictions and 2 regional organizations. You can click here to view the full list of FATF members.
FATF places anti-money laundering(AML) and counter-terrorism financing(CFT) requirements on virtual assets and virtual asset service providers(VASPs). Responding to identified money laundering and terrorist financing (ML/TF) risks is at the core of the FATF’s work.
The rise in digitalization has a great impact on AML and CFT as they can interact with virtual assets. As you might have guessed on the correlation with these two, the virtual asset has a distinct characteristic, anonymity. This is where the KYC and AML come to protect businesses from fraud, money laundering, identity theft, and other cybercrimes. Digital-related fraud is increasing globally. In the US alone, the financial institutions have been charged USD 24 billion as fines in the past decade, and in 2019, 58 anti-money laundering penalties amounted to around USD 8 billion. (*Identity Verification Market-Global Forecast To 2025 by MarketsandMarkets)
In order to make your business safe from being attacked by cyber-related crimes, this is why you are in need of customer protection using ARGOS. ARGOS is an online service aiming to identify your customers(KYC) and protect your business from any kind of money laundering(AML). Please contact us for detailed service, products, and price.
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