FATF
Financial Action Task Force Recommendations
Overview
The Financial Action Task Force (FATF) Recommendations set the global standard for Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT). IOF implements the Travel Rule (Recommendation 16), beneficial ownership registers, and a full AML/CFT control suite in the KYC and AML rails.
Scope
Applies to ACCESS_IDENTITY category rails: KYC (customer due diligence) and AML (transaction monitoring). Travel Rule applies to all cross-border payment and settlement flows in FINANCIAL rails.
Key Controls
- Travel Rule (Rec. 16): originator and beneficiary data transmitted on transfers ≥ $1,000
- Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) in KYC rail
- Beneficial ownership register with UBO threshold enforcement
- Suspicious Activity Reporting (SAR) pipeline
- Sanctions screening via integrated watchlist checks
- Politically Exposed Person (PEP) detection
- Transaction monitoring rules engine in AML rail
Certification & Audit
FATF-aligned self-assessment; jurisdiction-specific regulator notification
Annual review aligned to FATF Mutual Evaluation cycle
Evidence Bundle
Evidence bundle available on request
Contact compliance@islamicopenfinance.com to request the evidence pack for this framework. We typically respond to audit requests within two business days.