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FATF Guidance Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing: High Level Principles and Procedures Following a meeting in December 2005 between the FATF and representatives of the banking and securities sectors, FATF agreed to establish an Electronic Advisory Group (EAG) on the risk-based approach as part of its outreach to the private sector. The EAG, which is a subgroup of the FATF Working Group on Evaluations and Implementation (WGEI) was set up in March 2006, and was chaired by Mr. Philip Robinson (Financial Services Authority, United Kingdom) and Mr. Rick Small (GE Money, United States). Membership of the Group has consisted of FATF members and observers, as well as representatives from the banking and securities sectors that volunteered to work on the issue of the risk-based approach to combating money laundering and terrorist financing (referred to throughout this paper as "the risk-based approach" (RBA)). Financial Action Task Force
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