Regulators like the Financial Action Task Force FATF
consists of only 37 countries. These countries however have their own KYC requirements regardless of their membership status. Although it is assumed that their requirements should be guided by the FATF recommendations, it is not compulsory because the FATF recommendations are non-binding. There are other regulators like the European Commission EC,
whose directives are obligatory for its members. But the EC's KYC/AML requirements are in line with the general regulations.
Another regulator is FINMA
, formally recognized as a regulator only in Switzerland and Liechtenstein, but their recommendations are also used in many other jurisdictions because of the Swiss banking system.
KYC requirements and regulations are essentially the same all over the world, not minding the different regulators out there. Hence the term 'reasonable assurance' or 'reasonable steps'.