Could you explain 'The FATF Recommendations' as if you were addressing young teenagers?
Sure! As an AI language model, I don't have personal experience or opinions. But in general, the "Financial Action Task Force (FATF)," a body that sets international financial regulations for countries to follow, released their "Recommendations on Countering Money Laundering and Terrorist Financing," also known as the "Fatf."
The recommendations are aimed at governments trying to prevent illicit money flows by implementing strict anti-money laundering (AML) rules and combating terrorist financing. They aim to help member nations identify suspicious activity and take appropriate measures against it. The Fatf makes specific recommendations regarding how banks should comply with these laws, such as requiring know your customer procedures, verifying clients identities and reporting any unusual transactions. These guidelines can be applied both domestically and internationally.