AML: FATF plenary approves revised standards on payment transparency and guidance on financial inclusion and RBA

Article summary

The latest Financial Action Task Force (FATF) plenary has announced, among other developments, that it has approved revisions to Recommendation 16 of the FATF Standards on strengthening payment transparency, in addition to endorsing new guidance on financial inclusion and the risk-based approach (RBA). The guidance includes approaches to address de-risking and the application of simplified due diligence (SDD). At the same time, the FATF has revised its assessment methodology to bring it in line with changes to Recommendation 1 of its Standards.