Regulatory Alerts2020-01-08
FATF Guidance for a Risk-Based Approach for Money or Value Transfer Services
The Financial Action Task Force issued this guidance to establish a common understanding of the risk-based approach for combating money laundering and terrorist financing within the money or value transfer services sector. The document provides specific directives for MVTS providers on risk assessment, customer due diligence, and internal controls, while offering supervisors frameworks for effective monitoring and enforcement. It further addresses the banking sector by advising financial institutions on managing risks associated with MVTS customers and outlining supervisory expectations for banks in this relationship.
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