Kind of true, yes, in theory, because FATF is largely controlled by the US and it enforced US-style rules to the rest of the world. However, on the practical l

Kind of true, yes, in theory, because FATF is largely controlled by the US and it enforced US-style rules to the rest of the world. However, on the practical level AML/KYC works differently outside of the US. Regulator would create well-defined criteria for banks to execute: To onboard a customer bank must do this and this, check that field against that record. In the US regulators just washed their hands and placed the burden on banks: banks must make all the "reasonable" efforts to "know" their customer and what is is deemed "reasonable" varies across banks, branches and even individual clerks.