News

The Financial Action Task Force unveiled revisions to the first of the group's 40 technical recommendations against illicit finance in a bid to boost worldwide access to banking services and clamp down on unregulated payment channels. FATF's updated recommendation now directs national governments to expand the provision of low-cost financial services by helping banks and other companies regulated for anti-money laundering purposes identify potential "lower risk" customers, and by not only permitting, but also encouraging, them to simplify their due-diligence procedures for those parties. "Enabling more individuals and entities to ... use regulated financial services ... increases the reach and...