The FATF Recommendations set international standards regarding client identification by financial institutions and designated non-financial businesses and professions for anti-money laundering (“AML”) and combating of terrorist financing (“CFT”) purposes. The FATF standards regarding...

Since 2014, the policy focus on large-scale bank account closures of remittance service providers – generally called ‘de-risking' – intensified internationally as well as in Australia. While the dilemma of these providers is the result of a complex combination of factors, money laundering...

In 2012, the University of Washington School of Law held a conference to examine the impact of the 2012 Revised Financial Action Task Force standards for combating money laundering and combating terrorism and proliferation financing on the use of mobile money in developing countries as a...

The potential for criminals and terrorism financiers to secure lucrative government contracts poses a risk to Australia’s anti-money laundering, anti-corruption and counter-terrorism financing objectives. This article compares the customer due diligence measures that banks are required to...

During the 1990s economic crime began to spiral in South Africa. This phenomenon coincided with the country's transition to a democratic state. The article outlines a number of steps that South Africa took to align its laws with international standards and to improve the legal tools of law...

Financial regulators are challenged to respond to the innovation opportunities presented by financial technology (fintech). Current rules are not necessarily sufficient or effective to adequately regulate new business models and new products relating to innovations such as crypto assets or...

The Financial Action Task Force embraces financial inclusion as complementary to anti-money laundering and counter-terrorist financing, as it enhances transparency. This support is based on the premise that the increased use of formal financial services leads to a reduction of usage of informal...

Purpose – The purpose of this paper is to explore the relationship between anti‐money laundering (“AML”) and combating of financing of terrorism (“CFT”) customer due diligence (“CDD”) measures in the financial services industry, and exclusion from financial services....

Purpose – The purpose of this paper is to investigate Financial Action Task Force (FATF)'s risk‐based guidance to combat money laundering and terrorist financing to determine its approach to the identification and management of low‐risk providers, products and transactions....