def check_is_faang(item):
    """
    Function checks that record belongs to FAANG project
    :param item: item to check
    :return: True if item has FAANG project label and False otherwise
    """
    if 'characteristics' in item and 'project' in item['characteristics']:
        for project in item['characteristics']['project']:
            if 'text' in project and project['text'].lower() == 'faang':
                return True
    return False