Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an intergovernmental organization that sets global standards for combating money laundering, terrorist financing, and proliferation financing. While FATF does not directly enforce sanctions, its recommendations inform national sanctions frameworks — and OFAC enforcement is consistent with FATF standards.

FATF and crypto

FATF's 2019 guidance extended AML/CFT requirements to virtual asset service providers (VASPs), requiring them to implement the same customer due diligence and suspicious transaction reporting as traditional financial institutions. This includes sanctions screening obligations — VASPs must check customers and transactions against applicable sanctions lists.