Regulatory Alerts2020-01-08
FATF Guidance on a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services
The Financial Action Task Force issued this guidance to help regulators and providers manage money laundering and terrorist financing risks associated with new payment products and services. It outlines the roles of entities involved in prepaid cards, mobile payments, and internet-based payments, while defining which entities fall under FATF recommendations. The document emphasizes applying a risk-based approach to regulation and supervision to balance effective AML/CFT controls with the goal of financial inclusion.
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