By PAUL O’DONOGHUE, Senior Correspondent
TODAY is the final day that interested parties can submit to a FATF consultation on financial inclusion measures.
The Paris-based organization, which effectively sets international AML standards, is considering its guidance in the area, which covers the public’s access to the financial system.
The FATF is considering simplifying its guidance on financial inclusion. It is also looking at simpler measures to protect against money laundering.
More details of the consultation, as well as how to make submission, are available [HERE].
The draft text is available [HERE].
Issues include who can access bank accounts – something FATF President Elisa de Anda Madrazo recently said was a particular concern for the group.
Areas of focus
The FATF said areas the consultation is focusing on include:
- Would further guidance and examples on tailoring measures to address financial inclusion needs in non-lower risk situations be required?
- Would further guidance and examples be required on the risks associated with non-face-to-face business relationships and transactions and how to mitigate them?
- Do the examples in the boxes throughout the FATF Guidance provide enough details on the range of approaches?
Response can be sent to FATF.Publicconsultation@fatf-gafi.org by Friday, 4 April 2025 (18h00 CET).
“While submitting your response, please indicate the name of your organisation, the nature of your activity, and your contact details,” the FATF said.
“Please note that all submissions received during public consultation will be shared with FATF delegations.”
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