EU Commission vs FATF High-Risk Country Lists

This episode explains why EU financial institutions must legally adhere to the European Commission's list of high-risk third countries for anti-money laundering (AML) and counter-terrorism financing (CFT) purposes, rather than the Financial Action Task Force (FATF) list. The EU's list incorporates broader criteria, including corruption and governance, exceeding the FATF's focus solely on AML/CFT standards. This legal obligation stems from EU directives, and non-compliance carries significant penalties. The EU maintains its independent list to exercise political autonomy, protect its financial system, and address risks specific to its internal market. While a risk-based approach is permitted, the EU list remains mandatory for regulatory compliance.🎧 Tune in now for expert insights and get actionable strategies for your organization. Follow The Compliance Officers Playbook show/page and tap the (🔔) for 𝐝𝐚𝐢𝐥𝐲 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐭𝐫𝐞𝐧𝐝𝐬, 𝐚𝐧𝐝 𝐦𝐨𝐫𝐞. If you enjoyed this episode, we’d love to hear from you! Follow us to stay updated on future episodes, and don’t forget to leave a review and rating ⭐️⭐️⭐️⭐️⭐️Your feedback helps us improve and reach more listeners like you. Thank you for your support! ❤️🙏

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