FATF Financial Institutions Explained | AML/CFT Definition, Examples & FATF Reporting Persons скачать в хорошем качестве

FATF Financial Institutions Explained | AML/CFT Definition, Examples & FATF Reporting Persons

📌 In this video, we explore FATF Financial Institutions 💼 within the context of the Financial Action Task Force’s Recommendations on anti-money laundering (AML), countering the financing of terrorism (CFT), and proliferation financing (PF). Understanding what qualifies as a financial institution under FATF standards as a FATF Reporting Person is essential before we move on to Recommendation 1, which covers assessing risks and applying a risk-based approach in AML/CFT policies and coordination. 📅 Video Chapters: ⏱ 0:00 – Disclaimer & Intro ⏱ 1:40 – What is a Financial Institution? Financial Institutions Explained ⏱ 2:55 – Understanding Financial Institutions ⏱ 6:08 – What are Financial Institutions? FATF Definition ⏱ 8:45 – FATF Reporting Persons in Mauritius ⏱ 13:35 – AML/CFT Framework in Mauritius – Banks vs FIs ⏱ 15:25 – Disclaimer, Views, Opinions, & Statements 💡 What is a Financial Institution? A Financial Institution (FI) is any company that manages financial or monetary transactions such as: ✔️ Accepting deposits 🏦 ✔️ Issuing loans 💳 ✔️ Managing investments 📈 ✔️ Currency exchange 💱 These include banks, insurance companies, brokerage firms, and investment dealers. They bridge the gap between savers/investors and borrowers/businesses, using tools such as loans, securities, and stock exchanges. 📘 FATF Definition of Financial Institutions: According to page 129 of the FATF Recommendation Handbook, a Financial Institution is any person or entity that conducts one or more of the following activities as a business: 1️⃣ Accepting deposits & other repayable funds from the public 2️⃣ Lending (consumer credit, mortgages, factoring, trade finance) 3️⃣ Financial leasing (excluding consumer product leasing) 4️⃣ Money or value transfer services 5️⃣ Issuing/managing means of payment (credit cards, cheques, e-money) 6️⃣ Providing financial guarantees/commitments 7️⃣ Trading in money market instruments, foreign exchange, derivatives, securities, commodities 8️⃣ Participating in securities issues & related services 9️⃣ Portfolio management (individual & collective) 🔟 Custodian services (cash or liquid securities) 1️⃣1️⃣ Investing/administering/managing funds for others 1️⃣2️⃣ Underwriting/placing life & investment-related insurance 1️⃣3️⃣ Money and currency changing services 🌍 FATF Reporting Persons – The Mauritius Example: Interestingly, in Mauritius, banks fit the FATF definition of financial institutions but are classified separately under the AML/CFT framework. 🏦 Commercial banks follow AML/CFT guidelines issued by the Bank of Mauritius, but they must still report suspicious transactions to the Financial Intelligence Unit (FIU). 📄 Other FATF Reporting Persons include insurance companies, securities dealers, and non-bank financial institutions, each regulated under their own sectoral AML/CFT frameworks. 🎯 Why This Matters for Compliance & AML Professionals: ✅ Helps you understand which entities fall under FATF’s definition ✅ Clarifies jurisdictional differences in classification ✅ Strengthens risk assessments under a risk-based approach ✅ Essential for policymakers, compliance officers, and MLROs 💬 Question for You: Do you think FATF’s definition of financial institutions should be standardised globally, or should jurisdictions keep their own classifications? Comment below! 🔔 Don’t Forget: 👍 Like this video 📢 Share it with other compliance & finance professionals 📩 Subscribe for more FATF, AML/CFT, and corporate governance insights 📚 Related Videos on This Channel: FATF Recommendation 1 – Risk-Based Approach FATF Recommendation 8 – Non-Profit Organisations FATF Recommendation 9 – Financial Secrecy Laws #FATF #FinancialInstitutions #FATFRecommendations #AML #CFT #ProliferationFinancing #RiskBasedApproach #Compliance #FATFReportingPersons #Mauritius #AMLCompliance #FinancialCrime #GlobalBusiness #FinanceExplained #CorporateGovernance #BankingRegulation #AMLTraining #MLRO #FinancialServices #MoneyLaunderingPrevention #RegulatoryCompliance #KYC #CDD #AntiMoneyLaundering #CounterTerroristFinancing –––––––––––––––––––––––––––––– Background Music: Snowfall by Scott Buckley / scottbuckley Creative Commons — Attribution 4.0 International — CC BY 4.0 Free Download / Stream: https://www.audiolibrary.com.co/scott... Music promoted by Audio Library Snowfall – Scott Buckley (No Copyright Music)    • Snowfall – Scott Buckley (No Copyright Music)   ––––––––––––––––––––––––––––––