What are the FATF Recommendations?
The FATF Recommendations are the global anti-money laundering (AML) and counter-financing of terrorism (CFT) standards issued by the Financial Action Task Force, the inter-governmental body established in 1989. The 40 Recommendations (current version periodically updated, most recently 2012 with amendments through 2023+) cover the full AML/CFT compliance architecture: legal framework, preventive measures for financial institutions and DNFBPs, transparency of beneficial ownership, supervision and sanctions, and international cooperation.
Key recommendations affecting fintech and crypto
- R.10 — Customer Due Diligence: KYC, identification, verification, ongoing monitoring.
- R.11 — Record-Keeping: 5+ year retention of transaction and identification records.
- R.15 — Virtual Assets and VASPs: licensing/registration, risk-based supervision, AML/CFT measures for VASPs.
- R.16 — Wire Transfers (“Travel Rule”): originator and beneficiary information for cross-border wires and crypto transfers above thresholds (USD/EUR 1,000 typical).
- R.20 — Suspicious Transaction Reports.
- R.24-25 — Beneficial Ownership Transparency.
Mutual evaluations and grey/black lists
FATF evaluates jurisdictions for compliance via Mutual Evaluations. Jurisdictions with strategic deficiencies are placed on the FATF “grey list” (Jurisdictions under Increased Monitoring) or “black list” (High-Risk Jurisdictions subject to a Call for Action). Türkiye was on the grey list from October 2021 to June 2024; its removal followed reforms strengthening beneficial ownership transparency, supervisory capacity, and STR effectiveness.
Türk uygulaması — MASAK
Türkiye’nin FATF taahhütleri 5549 sayılı Suç Gelirlerinin Aklanmasının Önlenmesi Hakkında Kanun, MASAK (Mali Suçları Araştırma Kurulu) tebliğleri ve VASP/CASP düzenlemeleri aracılığıyla uygulanır. Travel Rule (R.16) Türk CASP’leri için VASP Tebliği (2021) ile zorunlu kılınmıştır. STR yükümlülüğü, gerçek lehtar transparansı (Anonim Şirketler için pay defteri, MERSİS) ve müşteri risk skorlama yerleşik pratiktir.
Do: map your AML programme against the FATF 40 Recommendations as benchmark; refresh policies when FATF issues amendments; monitor MASAK guidance.
Don’t: treat the FATF Recommendations as static — major updates (e.g., R.15 expansion, R.24 beneficial ownership) drive global re-licensing cycles.