Regulatory Alerts2020-12-24
giaba Policy On Money Laundering/terrorist Financing Risks & Opportunities Of Fintech Transformation In West Africa
This policy advisory from GIABA highlights the increasing importance of Fintech in West Africa and its potential to transform the region into a Fintech hub. However, it also warns of the associated risks of money laundering and terrorist financing (ML/TF) that come with the rapid growth of digital finance. The advisory urges member states to develop appropriate regulatory frameworks and adopt a risk-based approach to AML/CFT compliance to ensure the safe and sustainable development of the Fintech sector.