CROSS-BORDER PAYMENTS – SURVEY RESULTS ON IMPLEMENTATION OF THE FATF STANDARDS

On 22 October, FATF published a report saying that it had initiated an industry survey in consultation with the Basel Committee on Banking Supervision (BCBS) to identify areas where divergent AML/CFT rules or their implementation cause friction for cross-border payments.  The survey results highlight, among others, that lack of risk-based approach and inconsistent implementation of the AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency.  Inconsistent national approaches also create obstacles in identifying and verifying customer and beneficial owners, effective screening for targeted financial sanctions, sharing of customer and transaction information where needed, and establishing and maintaining correspondent banking relationships

https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/Cross-Border-Payments-Survey-Results.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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