Skip to content
CrossTech is part of The Platinum Network. Become a Member!
  • enEnglish
  • esEspañol
  • pt-brPortuguês
Linkedin page opens in new windowYouTube page opens in new windowTwitter page opens in new windowFacebook page opens in new windowInstagram page opens in new window
CrossTech
Cross Border Payments
CrossTechCrossTech
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog
Search:
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog

FATF-GAFI GUIDANCE – A Risk-Based Approach for Money or Value Transfer Services

You are here:
  1. Home
  2. Compliance & Regulation
  3. FATF-GAFI GUIDANCE – A Risk-Based…
Feb292016
Compliance & RegulationDe-Risking

The timing could not have been better. FATF just published – February 2016, a report that all Compliance Officers of this industry must read, entitled Guidance for a Risk-Based Approach for Money or Value Transfer Services (Summary – Full Report (69 pages). I want to highlight three statements in the presentation of the report:

  • The risk-based approach, the cornerstone of the FATF Standards, requires that measures to combat ML/TF are commensurate with the risks. Such measures should not necessarily result into the categorization of all MVTS providers as inherently high-risk.
  • The overall risks and threats are influenced by the extent and quality of regulatory and supervisory framework, as well as the implementation of risk-based controls and mitigating measures by each MVTS provider.
  • While this Guidance is applicable to the entire MTVS sector (both banking and non-banking institutions offering MVTS); it is primarily intended for non-banking MVTS providers.

Emily Rose Adeleke, who works in the Financial Market Integrity (FMI) Unit at the World Bank Group’s Finance and Markets Global Practice, published a note entitled “Remittances and integrity: how to exist in harmony” in which she discusses the FATF Guidance and starts with the question: “How do countries ensure that remittance service providers – who are often serving the world’s poorest people – mitigate their risk for abuse by money launderers and terrorist organizations?”. It is a question the industry works hard to answer and spends significant resources confronting.

Ms. Adeleke also mentions the inclusion in the FATF Guidance of the section “Access of MVTS to Banking Services” acknowledging the industry’s efforts to denounce the global bank access problem that we face. As Ms. Adeleke states: “This is a timely and helpful addition to the ongoing global conversation about remittance service providers’ access to bank accounts.”

The report it gives ample assurance to banks that a proper RBA (Risk-Based Approach) will certainly give the bank information to see each MTVS client as a Financial Institution and that “one of the elements which could act as a risk mitigant is the fact that MVTS providers are regulated financial institutions that are subject to the full range of AML/CFT obligations, supervision and monitoring”.

A De-Risking and Bank Discontinuance session at the coming IMTC USA 2016 Conference in Las Vegas on March 14-16, 2016, See Agenda, will analyze the latest reports (a G-20 Report, the Revised Directive on Payment Services (PSD2), the US House Bill ending Op. Choke Point and the FATF Guidance) with guest panelists John ReVeal from Bryan Cave, Karen Schirmer from Chartwell Compliance and Andrew Ittleman from Fuerst Ittleman David & Joseph. Your comments and questions are appreciated.

Categories: Compliance & Regulation, De-RiskingBy Hugo Cuevas-MohrFebruary 29, 2016
Share this post
Share on FacebookShare on Facebook TweetShare on Twitter

Post navigation

PreviousPrevious post:GAO Reports on International RemittancesNextNext post:The MTBIT Forum in 2016: Remittances, Blockchains & Bitcoin

Related Posts

RCTF – The Private Sector Workstream – April 30, 2020 Virtual Roundtable
May 2, 2020
Customer Expectations In The Payments Industry
March 5, 2020
A new decade for us
January 30, 2020
laBITconf 2019 in its 7th Edition
December 23, 2019
Risk Management in US MSB Institutions
October 9, 2019
Digital vs. Cash, are we getting it all wrong?
June 10, 2018
Are you a PNET Member?

If you have not joined our industry community yet, go to PNET and sign up. You can get membership perks and discounts for IMTC conferences!

Keep on Learning!
Check our online courses:

MTTC Money Transfer Compliance Certication Course. Check the version in English &  la versión en Español.
Watch video presentation of our courses here.

PNET Logo
The CrossTech Conferences are developed by The Platinum Network, producer of the CrossTech Innovation Awards --formerly the Remtech Awards-- and the CrossTech Compliance Conference. --formerly Regliance--

THE PLATINUM NETWORK
7700 N Kendall Dr Suite 407
Miami, Florida 33156

WhatsApp: +1 (786) 731-5507

Important Links
IMTC in Twitter
IMTC Linkedin Group
IMTC in YouTube
IMTC in Facebook
IMTC in Instagram

Terms & Conditions
Visa Letter Information
Privacy & Cookie Policy
Hotel Reservation Fraud
Latest Tweets
  • We’re very excited about all the networking and business deals over the horizon… Join us at CrossTech Payments 2023… twitter.com/i/web/status/16212…

    February 2, 2023 7:02 pm

  • January 22nd started the lunar new year and this is the rabbit's year. One of the 12 animals of the Chinese zodiac.… twitter.com/i/web/status/16187…

    January 26, 2023 10:51 pm

WhatsApp us