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What Do FATF Beneficial Ownership Standards Require?

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First announced: FATF strengthened its beneficial-ownership standards in 2022 and issued guidance on implementation in 2023 and 2024.
Submitted by: NYBACS Compliance Desk

What changed

FATF standards call on jurisdictions to make adequate, accurate, and up-to-date information about the beneficial owners of companies and legal arrangements available to competent authorities.

Who’s affected

Businesses with cross-border ownership structures, financial institutions, regulated service providers, and companies undergoing bank or investor due diligence.

Immediate actions

  • Maintain a current ownership chart down to the ultimate individual owners or controllers.
  • Keep shareholder, director, and control records updated.
  • Document nominee, trust, and multi-layer ownership arrangements.
  • Check local beneficial-ownership reporting rules in every relevant jurisdiction.

Practical note & timeline

FATF standards are implemented through local laws. Reporting thresholds, filing deadlines, and public access rules vary by country.

Source: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-Beneficial-Ownership-Legal-Persons.html

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