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A global watchdog group Monday issued two reports to aid accountants and trust and company service providers to allocate resources for their anti-money laundering and counter-terrorist financing programs according to risk. The Paris-based Financial Action Task Force (FATF), which originally released guidance on the risk-based approach for financial institutions in June 2007, is now moving to fine-tune the application for sectors under the non-financial businesses and professions rubric. FATF, which issues global anti-money laundering (AML) standards, said implementing the approach would allow accountants to better manage their risks, increase efficiency, focus on the most pressing threats and give them the...