Overview of Financial Action Task Force (FATF)

What are the FATF’s wire transfer requirements applicable to DPT Transactions?

  • With respect to DPT transactions, the FATF recently clarified in a Public Statement on its proposed Interpretive Note to Recommendation 15 that the occasional transactions designated threshold above which DPTs providers are required to conduct Customer Due Diligence (CDD) is lowered to USD/EUR 1,000, from USD/EUR 15,000 for other types of FATF-covered activities, in view of the ML/TF risks associated with such activities
  • Where occasional transactions occur (e.g. where DPTs are sold through ATM machines), MAS proposes to require CDD to be conducted from the first dollar, i.e. there is no threshold for such transactions, below which CDD need not apply.