The Wolfsberg Group’s Post

Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).

Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).

Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).

Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).

Response of The Wolfsberg Group to FATF consultation on AML/CFT and Financial Inclusion - R1,10 and 15 The Wolfsberg Group agrees with the FATF’s goal to create an anti-money laundering/countering the financing of terrorism (“AML/CFT”) regulatory environment that reinforces the risk-based approach while also supporting financial inclusion. Requiring excessive AML/CFT measures that do not respond to the identified risks is inefficient and ineffective, while the unintended consequences of restricting under-served communities’ access to financial services decreases the reach and effectiveness of AML/CFT regimes. As noted in the Group’s original Statement on Effectiveness, an effective AML/CFT programme will “have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion". You can find the text of our response below and on our website (link in the comments).

The EU's AML/CFT Legislative Package introduces Regulations and Directives to combat money laundering and terrorist financing, harmonizing rules across Member States for improved transparency and coordination. Elaine Magri and Jonathan Camilleri explore the key elements of the legislative package in their news item below. #AML #CFT #FinancialCrime