Fecha de última actualización: 23/07/2025
The Financial Action Task Force — FATF — is responsible for publishing and maintaining the 40 Recommendations. These recommendations serve as international standards, permeating legal systems aimed at preventing money laundering and terrorist financing
FATF Recommendation 14 focuses on the regulation of money or value transfer service providers. This guideline mandates that any person or entity offering these services must be properly licensed and registered under their national systems. The goal is to establish control and traceability over these entities, which are often vulnerable to misuse for money laundering and terrorist financing, thereby facilitating supervision and regulatory enforcement.
The recommendation also emphasizes the need for not only registration and licensing of these service providers, but also for them to be subject to effective monitoring of anti-money laundering and counter-terrorist financing measures. State authorities must ensure that the preventive environment for these types of entities is secure.
When an entity or individual operates without proper licensing and registration, the FATF states that countries must identify and verify such unauthorized activities. Once an illicit operation is confirmed, it is imperative that appropriate administrative sanctions are applied.
The FATF Recommendation extends its scope to agents acting on behalf of a money or value transfer service provider. These agents, whether they solicit business or carry out transactions, must also be licensed and registered by the competent authority. If they are not, the Recommendation requires the service provider to maintain a comprehensive list of its agents, accessible to competent authorities at all times.
Finally, Recommendation 14 concludes with an interpretative note elaborating on its content. This interpretative note states that countries should avoid duplicate licensing and registration for entities already licensed in the financial sector and authorized to provide money transfer services.
Are you interested in learning more about the 40 FATF Recommendations? Discover our series of articles where we explain each of them and their significance.
- Recommendation 1: Risk assessment and application of a risk-based approach.
- Recommendation 2: National cooperation and coordination.
- Recommendation 3: Money laundering offense.
- Recommendation 4: Confiscation and provisional measures.
- Recommendation 5: Terrorist financing offense.
- Recommendation 6: Targeted financial sanctions related to terrorism and terrorist financing.
- Recommendation 7: Targeted financial sanctions related to the proliferation of weapons of mass destruction.
- Recommendation 8: Non-profit organizations.
- Recommendation 9: Banking secrecy.
- Recommendation 10: Customer due diligence.
- Recommendation 11: Record-keeping.
- Recommendation 12: Politically Exposed Persons.
- Recommendation 13: Correspondent banking.
- Recommendation 14: Money or value transfer services.
I am an obliged entity and looking for an AML tool.
Great! You’ve come to the right place at the right time. Request a demo with the Pibisi team and tell us what you need with no obligation.
I’m not sure if I’m an Obliged Entity…
No problem, it’s a very common question. Take our simple questionnaire and find out NOW.
If you want to stay updated with new articles, subscribe to our newsletter if you haven’t done so already.
And if you’d like to suggest a topic you’d like us to write an article about, or you simply want to get in touch with us, you can do so via our contact form.
