06th November 2024
The Financial Action Task Force (FATF) is considering revisions to the FATF Recommendations as part of its programme of work to address the unintended consequences of AML/CFT measures. The revisions focus on Recommendation 1 on assessing ML/TF risks and applying a risk-based approach and its Interpretative Note, with corresponding changes to Recommendation 10 on customer due diligence and Recommendation 15 on new technologies and related Glossary definitions.
These proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing simplified measures. These revisions are also intended to reflect technological advancements in digital identity systems which may reduce the risks associated with non-face-to-face interactions, especially since in most countries, this has become the normal mode of interaction with financial institutions.
Any responses, including any drafting proposals are to be sent to
[email protected] with the subject-line “Comments of [author] on the proposed revisions to R.1/INR.1/INR.10/INR.15”, by 6 December 2024 (18h00 CET).
More information on the consultation process, as well as the draft text for public consultation may be viewed on the FATF’s website.