AUSTRAC statement 2021: de-banking 29 Oct 2021 The issue of de-banking is a complex global problem. Over the past decade, the range of businesses impacted by a loss or limitation of access to banking services has expanded. Money transfer (remitters), digital currency exchanges, not-for-profit organisations (NPO) and financial technology (FinTech) […]
AUSTRAC has a page of the risk assessments they’ve issued for use by the public. They go all the way back to 2015, when AUSTRAC issued a strategic analysis of de-risking of remittance businesses. Here’s 2021’s publications (the link to the full list is below): Foreign bank branches in Australia […]
Mitigating the Unintended Consequences of the FATF Standards In February 2021, the Financial Action Task Force (FATF) launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will focus on four main areas: De-risking, or the loss or […]
Call for input on ‘de-risking’ and its impact on access to financial services The call for input on “de-risking” forms part of the EBA’s work to lead, coordinate and monitor the EU financial sector’s AML/CFT efforts. Its objective is primarily to understand why financial institutions choose to de-risk instead of […]
Chairman’s Summary of Outcomes from the FATF Private Sector Consultative Forum, Vienna, 20-22 March 2017 Vienna, 22 March 2017 – The Financial Action Task Force (FATF) held its annual Private Sector Consultative Forum on 20-22 March 2017 in Vienna, Austria, hosted by the United Nations Office on Drugs and Crime (UNODC). The meeting […]
We all know about US regulator’s multiple attempts to discourage de-risking. Now, the Hong Kong Monetary Authority (HKMA) has issued its own guidance on de-risking and financial inclusion. The highlight is really in their first point: The progressive tightening of international standards in combating money laundering (ML) and terrorist […]
Mr. Watchlist 