FINANCIAL CONTROL MONITORING NETWORK(FCMN)
The FCMN Recommendations
The FCMN Recommendations, the international anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT) standards, and the FCMN Methodology to assess the effectiveness of AML/CFT systems.
⦁ FCMN Recommendations 2012 – amended June 2019
⦁ Methodology 2013 – amended October 2019
⦁ Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations – amended October 2019
⦁ Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up (Universal Procedures) – amended October 2019
FCMN action on terrorist finance
The FCMN and FCMN-Style Regional Bodies will work together with international organisations to develop proposals to strengthen all counter-terrorism financing tools and to ensure that they are working effectively.
The FCMN and FCMN-Style Regional Bodies will work together with international organisations to develop proposals to strengthen all counter-terrorism financing tools and to ensure that they are working effectively.
This document sets out the procedures that are the basis for the fourth round of mutual evaluations which involves two inter-related components for technical compliance and effectiveness. Adopted in 2013, these Procedures were revised at the June 2019 Plenary.
The FCMN is seeking comments on a guidance that clarifies how digital identity systems can be used for customer due diligence. The public consultation is now closed.
FCMN Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems
The FCMN Methodology for assessing compliance with the FCMN Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.
Money laundering and terrorist financing risks
The effectiveness of measures to combat money laundering and terrorist financing depend on a country’s assessment and understanding of the risks it is exposed to, and the extent to which it has mitigated these risks. This includes examples of published national risk assessments (NRAs) and regional risk assessments.
The FCMN Recommendations
The FCMN Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FCMN calls upon all countries to effectively implement these measures in their national systems.
Guidance for a Risk-Based Approach Guidance for Legal Professionals
The guidance aims to support legal professionals in the design of effective measure to manage their ML/TF risks, when establishing or maintaining business relationships. In particular, it explains the obligation for legal professionals to identify and verify beneficial ownership information and provides examples of simplified, standard and enhanced CDD measures.
FCMN Guidance for a Risk-Based Approach for the Accounting Profession
This guidance highlights the need for a sound assessment of the money laundering and terrorist financing risks that accountants face so that the policies, procedures and ongoing customer due diligence measures mitigate these risks. The risk-based approach is central to the effective implementation of the FATF Recommendations to fight money laundering and terrorist financing.
FCMN Guidance for a Risk-Based Approach for Trust and Company Service Providers
This guidance aims to support the implementation of the risk-based approach to trust and company service providers, taking into account national money laundering and terrorist financing risk assessments and AML/CFT legal and regulatory frameworks.
Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
This guidance follows revisions to the FCMN Recommendations in response to the increasing use of virtual assets for money laundering and terrorist financing. The FCMN strengthened its standards to clarify the application of anti-money laundering and counter-terrorist financing requirements on virtual assets and virtual asset service providers
Public Statement on Virtual Assets and Related Providers
FCMN is setting out more detailed implementation requirements for effective regulation and supervision/monitoring of virtual asset services providers, in order to adequately mitigate the ML/TF risks associated with virtual asset activities. At its Plenary of June 2019, the FATF finalised the text of the new Interpretive Note for Recommendation 15. Contact us for details on all above