FATF 40 Recommendations for Auditors
What does FATF 40 Recommendations require of a Auditor?
The FATF 40 Recommendations (last comprehensive revision February 2012 with subsequent targeted updates - R.15 Virtual Assets / VASPs 2018-2024, R.24 + R.25 Beneficial Ownership 2022-2024, R.8 Non-Profit Organisations 2016+2023, R.5 Terrorist Financing 2024) are the international standards on combating money laundering + terrorist financing + proliferation financing. Under FATF 40 Recommendations, which defines 40 controls, a Auditor's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which FATF 40 Recommendations controls land on the Auditor
Internal Auditors assess whether compliance controls are operating effectively. They plan and execute audit engagements, evaluate evidence, report findings, and track remediation of identified gaps and nonconformities.
FATF 40 Recommendations defines 40 controls across 7 domains that directly affect the Auditor role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Auditor is accountable for under FATF 40 Recommendations
Planning and executing risk-based audit engagements against compliance frameworks
Evaluating control design and operating effectiveness through testing
Documenting findings, observations, and recommendations in audit reports
Tracking remediation actions and verifying closure of audit findings
Assessing organisational readiness for external audits and certifications
Where Auditors lose time on FATF 40 Recommendations
These are the most common obstacles Auditors face when managing FATF 40 Recommendations compliance, and how to address them:
Challenge 1
Efficiently testing controls across large, complex frameworks
Challenge 2
Accessing reliable evidence without disrupting business operations
Challenge 3
Mapping controls across multiple frameworks to avoid duplicate audit testing
Challenge 4
Keeping audit programmes current with regulatory and framework changes
Challenge 5
Communicating audit findings in a way that drives management action
A working order for a Auditor starting on FATF 40 Recommendations
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against FATF 40 Recommendations. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map FATF 40 Recommendations controls against other frameworks you already comply with. FATF 40 Recommendations maps to 2 other frameworks in our database.
3. Build Your Toolkit
Equip yourself with FATF 40 Recommendations toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Auditors managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
FATF 40 Recommendations in your sector
Who else owns part of FATF 40 Recommendations
Questions Auditors ask about FATF 40 Recommendations
What does a Auditor need to know about FATF 40 Recommendations?
How does FATF 40 Recommendations affect the Auditor role?
What are the biggest FATF 40 Recommendations challenges for Auditors?
How should a Auditor prepare for a FATF 40 Recommendations audit?
What tools help Auditors manage FATF 40 Recommendations compliance?
Auditor: How ready is your organisation for FATF 40 Recommendations?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.