Money laundering and terrorist financing

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Gender Considerations in Balancing Financial Inclusion and Anti-Money Laundering and Countering the Financing of Terrorism

AFI guidance note discusses how to balance women's financial inclusion with financial integrity policy objectives

Alliance for Financial Inclusion guidance note discusses current practices in the AFI network to support financial policymakers and regulators responsible for implementing and overseeing AML/CFT standards at the national level. Raises awareness of specific financial inclusion challenges disproportionately faced by women in the national implementation of AML/CFT standards, and assists in the formulation and implementation of policy responses that can contribute to advancing women's financial inclusion.

Publisher: Others Release date: Nov 2018

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, Financial inclusion, Gender equality

Sectors: Banking, Microfinance

Machine Learning in Anti-Money Laundering

Results of IIF study of how financial institutions apply machine learning techniques to combat money laundering

Institute of International Finance summary of how machine learning techniques can help banks and insurers to improve effectiveness and efficiency in complying with anti-money laundering requirements. IIF surveyed 59 financial institutions (54 banks and five insurance companies) representing firms from all continents and across a diverse range of business models and firm sizes. Survey demonstrates that the application of machine learning and artificial intelligence is spreading in the financial industry.

Publisher: Industry Groups Release date: Oct 2018

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, FinTech

Sectors: Banking, Insurance

Basic Regulatory Enablers for Digital Financial Services

CGAP focus note provides guidance for policy makers to create an enabling environment for digital financial services

Consultative Group to Assist the Poor focus note examines four building blocks in regulation (e.g. regulatory enablers) and how they have been implemented in practice. Note focuses on digital financial services (DFS) models that specifically target excluded and underserved market segments. Four basic enablers are: i) non-bank e-money issuance; ii) use of agents; iii) risk-based customer due diligence; and iv) consumer protection.

Publisher: International Organizations Release date: May 2018

Type: Consultative, discussion and issues paper

Topics: FinTech, Financial inclusion, Consumer education and protection, Money laundering and terrorist financing

Sectors: Banking, Microfinance

FSB Action Plan to Assess and Address the Decline in Correspondent Banking

Progress report on FSB's action plan on de-risking

Financial Stability Board progress report on implementation of its four-point action plan to assess and address decline in correspondent banking. These actions include: i) strengthening tools for due diligence by correspondent banks; ii) data collection and analysis; iii) clarifying regulatory expectations; and iv) domestic capacity building.

Publisher: Global Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Peer: Stocktake of Remittance Service Providers' Access to Banking Services , Sound Management of Risks Related to Money Laundering and Financing of Terrorism

Topics: Money laundering and terrorist financing, Financial inclusion

Sectors: Banking

Stocktake of Remittance Service Providers' Access to Banking Services

FSB stocktake identifies drivers for the termination of banking services to remittance service providers

Financial Stability Board report provides stocktake of remittance service providers' access to banking services and an action plan to address the gaps and barriers identified in the stocktake. Makes 19 recommendations in four areas to address gaps and remaining barriers to banking services by remittance service providers: i) promoting dialogue and communication between the banking and remittance sectors; ii) improving the implementation of international standards and oversight of the remittance sector; iii) use of innovation in the remittance sector and its possible role in enabling remittance service providers' greater access to banking services; and iv) technical assistance relating to remittances.

Publisher: Global Standard-Setting Bodies Release date: Mar 2018

Type: Consultative, discussion and issues paper

Peer: Sound Management of Risks Related to Money Laundering and Financing of Terrorism , FSB Action Plan to Assess and Address the Decline in Correspondent Banking

Topics: Money laundering and terrorist financing, Financial inclusion

Sectors: Banking

Innovative Solutions by Financial Institutions in the Customer Due Diligence Process

EBA, EIOPA and ESMA opinion aims to develop common regulatory understanding of appropriate use of innovative solutions

European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority opinion on use by banks and other financial institutions of new and innovative technologies when complying with customer due diligence (CDD) obligations. Highlights factors that supervisory authorities should consider when assessing the adequacy of firms' CDD measures where innovative solutions are used and assessing controls in place at firms that enable them to mitigate any risks associated with the use of new technologies.

Publisher: Regional Standard-Setting Bodies Release date: Jan 2018

Type: Guideline

Topics: Consumer education and protection, Money laundering and terrorist financing, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Mitigating the Risk of Money Laundering and Terrorist Financing

EBA, EIOPA and ESMA standard on how to manage money laundering the terrorist financing risks arising from operations in third countries

European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority Regulatory Technical Standards on the measures banks and other financial institutions should take mitigate the risk of money laundering and terrorist financing where a third-country's law does not permit the application of group-wide policies and procedures.

Publisher: Regional Standard-Setting Bodies Release date: Dec 2017

Type: Standard

Parent: International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Securities

Improving Global AML Efforts with Technology and Regulatory Reform

IIF briefing on use of new technologies to improve financial sector compliance

Institute of International Finance briefing discusses deployment of new technologies, combined with targeted regulatory reform, to improve effectiveness of global anti-money laundering/combatting the financing of terrorism (AML/CFT) system. New technologies include machine learning, digital identity, know-your-customer (KYC) utilities and distributed ledger technology (DLT, also called "blockchain").

Publisher: Industry Groups Release date: Nov 2017

Type: Consultative, discussion and issues paper

Topics: FinTech, Money laundering and terrorist financing, Cyber risk

Sectors: Banking

Preventing Terrorist Financing and Money Laundering in Electronic Fund Transfers

EBA, EIOPA, ESMA guidelines on detecting and preventing abuse of funds transfer mechanisms

European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority guidelines set out what payment service providers should do to detect and prevent the abuse of funds transfers for terrorist financing and money laundering purposes.

Publisher: Regional Standard-Setting Bodies Release date: Sep 2017

Type: Guideline

Parent: International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation

Peer: Guidelines on the Money Laundering and Terrorist Financing Risk, Mitigating the Risk of Money Laundering and Terrorist Financing

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Pensions, Securities

Guidelines on the Money Laundering and Terrorist Financing Risk

EBA, EIOPA and ESMA joint guidelines for financial institutions and AML/CFT supervisors

European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority joint guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT). Provide guidance on the factors financial institutions should consider when assessing the ML/TF risk associated with a business relationship or occasional transaction, and set out how financial institutions can adjust the extent of their customer due diligence measures to mitigate identified ML/TF risks.

Publisher: Regional Standard-Setting Bodies Release date: Jun 2017

Type: Guideline

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Pensions, Securities

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Resources

382 records

Gender Considerations in Balancing Financial Inclusion and Anti-Money Laundering and Countering the Financing of Terrorism

Machine Learning in Anti-Money Laundering

Basic Regulatory Enablers for Digital Financial Services

FSB Action Plan to Assess and Address the Decline in Correspondent Banking

Stocktake of Remittance Service Providers' Access to Banking Services

Innovative Solutions by Financial Institutions in the Customer Due Diligence Process

Mitigating the Risk of Money Laundering and Terrorist Financing

Improving Global AML Efforts with Technology and Regulatory Reform

Preventing Terrorist Financing and Money Laundering in Electronic Fund Transfers

Guidelines on the Money Laundering and Terrorist Financing Risk

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