FATF backs changing risk-based approach to boost financial inclusion - plenary outcomes

The Financial Action Task Force (FATF) has amended its key Recommendation 1 on the risk-based approach to reduce the threat of anti-money laundering/counter financing of terrorism/counter financing of proliferation (AML/CFT/CFP) policies blocking public access to bank and other financial service accounts.

By Keith Nuthall

The Financial Action Task Force (FATF) has amended its key Recommendation 1 on the risk-based approach to reduce the threat of anti-money laundering/counter financing of terrorism/counter financing of proliferation (AML/CFT/CFP) policies blocking public access to bank and other financial service accounts.