Money laundering and terrorist financing

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Terrorist Financing Risk Assessment Guidance

FATF report provides information for practitioners to consider when assessing terrorist financing risk at the jurisdictional leel

Financial Action Task Force report provides good approaches, relevant information and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdictional level. It covers key considerations when determining the relevant scope and governance of a terrorist financing risk assessment, and practical examples to overcome information sharing challenges related to terrorist financing and terrorism information.

Publisher: Global Standard-Setting Bodies Release date: Jul 2019

Type: Guideline

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

Topics: Money laundering and terrorist financing

Sectors: Banking

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism

IMF paper sets out why AML/CFT matters and how international organizations can help to address money laundering

International Monetary Fund paper sets out: i) evolution of the IMF's approach to financial integrity issues; ii) fund surveillance; iii) fund-supported programs; iv) financial sector assessment program; v) capacity development; vi) and other AML/CFT work.

Publisher: International Organizations Release date: Feb 2019

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, FinTech

Sectors: Banking

Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing

FDIC, FinCen, OCC and Federal Reserve statement on banks' approaches to meet their BSA/AML compliance obligations

Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration and Office of the Comptroller of the Currency statement encourages banks to consider, evaluate, and where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations.

Publisher: National Government Release date: Dec 2018 Country: United States

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing

Sectors: Banking

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

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

Update of the FATF internationally agreed AML-CFT standard

Financial Action Task Force standard defines measures which countries should implement to combat money laundering and terrorist financing, as well as financing of proliferation of weapons of mass destruction. Sets out essential measures: i) identify risks, develop policies and domestic coordination; ii) pursue money laundering, terrorist financing and financing of proliferation; iii) apply preventive measures for financial sector and other designated sectors; iv) establish powers and responsibilities for competent authorities and other institutional measures; v) enhance transparency and availability of beneficial ownership information of legal persons and arrangements; and vi) facilitate international cooperation.

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

Type: Standard

Peer: Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion, Anti-Money Laundering and Countering the Financing of Terrorism Risk Factor Guidelines, Emerging Terrorist Financing Risks , Risk-Based Approach for the Banking Sector, National Money Laundering and Terrorist Financing Risk Assessment, The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Pensions, Securities, 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

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Resources

382 records

Terrorist Financing Risk Assessment Guidance

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism

Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing

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

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

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

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