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picture1_Financial Presentation Template 71929 | S3p3 Timothy  Goodrick


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File: Financial Presentation Template 71929 | S3p3 Timothy Goodrick
overview financial action task force fatf relationship between aml cft financial inclusion fatf response financial inclusion the risk based approach implementation of the standards ongoing work geneva switzerland 4 december ...

icon picture PPT Filetype Power Point PPT | Posted on 31 Aug 2022 | 3 years ago
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                    Overview
      Financial Action Task Force (FATF)
      Relationship between AML/CFT & 
      financial inclusion 
      FATF Response 
      Financial Inclusion & the risk-based 
      approach
      Implementation of the standards 
      Ongoing work
  Geneva, Switzerland, 4 December 2014             2
      Financial Action Task Force (FATF)
       Inter-governmental policy-making body:
          Members: 34 countries + 2 organisations 
          8 FATF-style regional bodies (FSRBs)
       Sets the international standards for anti-money 
       laundering, counter-terrorist financing (AML/CFT) and 
       combating proliferation financing 
       Core activities:
          Standard setting (FATF 40 Recommendations) 
          Assessing compliance
          Identify and respond to threats: high risk jurisdictions 
          and typology studies 
       Over 190 countries have endorsed the FATF Standards 
   Geneva, Switzerland, 4 December 2014                             3
         AML/CFT & Financial Inclusion
       Protecting the integrity of the global 
       financial system requires that the 
       largest possible range of transactions 
       falls within the AML/CFT system.
       Financial Exclusion can increase the 
       ML/TF risks
          e.g. excluded people use unregulated  
          financial channels, creating a disguise for 
          illicit funds. 
  Geneva, Switzerland, 4 December 2014                           4
       AML/CFT & Financial Inclusion
      An overly cautious approach to 
      AML/CFT safeguards can lead to: 
        The exclusion of legitimate 
        businesses and consumers from 
        the formal financial system
        Disproportionate costs of AML/CFT 
        compliance with regard to the 
        expected return
  Geneva, Switzerland, 4 December 2014             5
                     FATF Response
       FATF Recommendations support the risk-based 
       approach (RBA).
         Methodology considers financial inclusion through 
         risk & effectiveness
       FATF has issued Guidance on:
         Financial inclusion (2013)
         New Payment Products & Services (2013)
         RBA Guidance for banking sector (2014)
       FATF statement on risk-based approach: case-by-
       case, not wholesale de-risking (October 2014)
  Geneva, Switzerland, 4 December 2014                          6
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...Overview financial action task force fatf relationship between aml cft inclusion response the risk based approach implementation of standards ongoing work geneva switzerland december inter governmental policy making body members countries organisations style regional bodies fsrbs sets international for anti money laundering counter terrorist financing and combating proliferation core activities standard setting recommendations assessing compliance identify respond to threats high jurisdictions typology studies over have endorsed protecting integrity global system requires that largest possible range transactions falls within exclusion can increase ml tf risks e g excluded people use unregulated channels creating a disguise illicit funds an overly cautious safeguards lead legitimate businesses consumers from formal disproportionate costs with regard expected return support rba methodology considers through effectiveness has issued guidance on new payment products services banking sector...

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