AML CFT measures and financial inclusion.pdf

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ASIA/PACIFIC GROUP ON MONEY LAUNDERING
WORLD BANK
FINANCIAL ACTION TASK FORCE
FATF Guidance
Anti-money laundering and terrorist
financing measures
and
Financial Inclusion
June 2011
THE FINANCIAL ACTION TASK FORCE (FATF)
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes
policies to protect the global financial system against money laundering and terrorist financing.
Recommendations issued by the FATF define criminal justice and regulatory measures that should be
implemented to counter this problem. These Recommendations also include international co-operation and
preventive measures to be taken by financial institutions and others such as casinos, real estate dealers,
lawyers and accountants. The FATF Recommendations are recognised as the global anti-money
laundering (AML) and counter-terrorist financing (CFT) standard.
For more information about the FATF, please visit the website:
WWW.FATF-GAFI.ORG
© 2011 FATF/OECD. All rights reserved.
No reproduction or translation of this publication may be made without prior written permission.
Applications for such permission, for all or part of this publication, should be made to
the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France
(fax +33 1 44 30 61 37 or e-mail: contact@fatf-gafi.org).
Cover Photo credit ©Thinkstock
FATF Guidance on
Anti-Money Laundering and Terrorist Financing Measures
and
Financial Inclusion
CONTENTS
EXECUTIVE SUMMARY
..............................................................................................................6
INTRODUCTION - BACKGROUND AND CONTEXT
...............................................................8
Preliminary remarks .........................................................................................................................8
Scope of the Guidance Paper ............................................................................................................9
Objectives of the Guidance ...............................................................................................................9
Target Audience .............................................................................................................................10
Status and Content of the Guidance Paper .....................................................................................10
Sources of the Guidance Paper .......................................................................................................11
CHAPTER 1. STATEMENT OF THE PROBLEM
.......................................................................12
What is Financial Inclusion? ..........................................................................................................12
State of Financial Inclusion ............................................................................................................12
The Diversity of the Financially Excluded and Underserved Groups ............................................13
Challenges of Financial Exclusion .................................................................................................13
What interaction has there been between financial inclusion and AML/CFT policies? .................15
Balancing AML/CFT Requirements and Financial Inclusion ........................................................16
CHAPTER 2. GUIDANCE ON ACTION TO SUPPORT FINANCIAL INCLUSION
...............17
I.
II.
III.
IV.
Preliminary Remarks ...............................................................................................17
Overview of the Risk-Based Approach of the FATF ..............................................18
The flexibility offered by the international standards in justified low risk
scenarios: the exemptions ........................................................................................19
Read and understand the FATF Standards in the light of the financial inclusion
objective ..................................................................................................................25
.................................................................................................................................49
MEMBERSHIP OF THE PROJECT GROUP ........................................................50
SOURCES OF THE GUIDANCE PAPER .............................................................51
G20 PRINCIPLES FOR INNOVATIVE FINANCIAL INCLUSION AND
ACTUAL RELEVANCE TO THE FATF ..............................................................54
EXAMPLES OF COUNTRIES‟
ACTIONS
TO SUPPORT FINANCIAL
INCLUSION............................................................................................................56
ILLUSTRATION OF THE SITUATION OF DIFFERENT COUNTRIES
WITH REGARD TO FINANCIAL INCLUSION ..................................................57
PRODUCTS AND SERVICES THAT TARGET THE FINANCIALLY
EXCLUDED AND UNDERSERVED GROUPS ...................................................59
EXAMPLES OF COUNTRIES THAT HAVE DEVELOPED AN AML/CFT
RISK ASSESSMENT METHODOLOGY .............................................................66
CONCLUSION
..............................................................................................................................48
ANNEXES
ANNEX 1
ANNEX 2
ANNEX 3
ANNEX 4
ANNEX 5
ANNEX 6
ANNEX 7
© 2011 FATF/OECD -
4
FATF Guidance on
Anti-Money Laundering and Terrorist Financing Measures
and
Financial Inclusion
ANNEX 8
ANNEX 9
ANNEX 10
ANNEX 11
PRESENTATION OF THE RISK ASSESSMENT TEMPLATE IN THE
STRATEGIC IMPLEMENTATION PLANNING (SIP) FRAMEWORK .............69
EXAMPLE OF A RISK METHODOLOGY DEVELOPED BY
THE INDUSTRY ....................................................................................................70
INITIATIVES TO ADDRESS THE CUSTOMER IDENTIFICATION/IDENTITY
VERIFICATION CHALLENGES ..........................................................................72
COUNTRIES‟ EXAMPLES OF DOMESTIC COOPERATION TO PROMOTE
FINANCIAL INCLUSION .....................................................................................73
5 -
© 2011 FATF/OECD
FATF Guidance on
Anti-Money Laundering and Terrorist Financing Measures
and
Financial Inclusion
Executive summary
The promotion of well regulated financial systems and services is central to any effective and
comprehensive AML/CFT regime. However, applying an overly cautious approach to AML/CFT
safeguards can have the unintended consequence of excluding legitimate businesses and consumers
from the financial system. The FATF has therefore prepared a Guidance paper to provide support to
countries and their financial institutions in designing AML/CFT measures that meet the national goal of
financial inclusion, without compromising the measures that exist for the purpose of combating crime.
The main aims of the document are to develop a common understanding of the FATF Standards that are
relevant when promoting financial inclusion and to lay out the flexibility that the Standards offer, in
particular regarding the risk-based approach (RBA), thus enabling jurisdictions to craft effective and
appropriate controls.
The Guidance paper has been developed within the framework of the 2003 version of the
FATF Standards. It is non-binding and does not override the measures applied by national authorities.
There are many reasons (unrelated to AML/CFT measures) why financially excluded and
underserved groups may not be able to take advantage of mainstream financial service providers. This
Guidance paper focuses on ensuring that AML/CFT controls do not inhibit access to well regulated
financial services for financially excluded and underserved groups, including low income, rural sector
and undocumented groups. It extensively explores the initiatives to address financial inclusion within
the AML/CFT context taken in developing countries, since this is where the challenge is the greatest,
but it also considers examples of action taken in developed countries also. .
The Guidance is based on the important assumption that financially excluded and underserved
groups, in both developing and developed countries should not be
automatically
classified as presenting
a lower risk for ML/TF, but could be lower risk depending on the various risk factors.
The Guidance reviews the different steps of the AML/CFT process (Customer Due Diligence,
record-keeping requirements, reporting of suspicious transactions, use of agents, internal controls), and
for each of them presents how the Standards can be read and interpreted to support financial inclusion.
Customer
Due Diligence.
With regard to customer identification, financial institutions may
be able to apply differentiated CDD measures according to the profile of the (future) customer. In
relation to wire transfers, a so-called “progressive” or “tiered” CDD approach can be applied. This may
imply for undocumented people access to financial services with very limited functionalities, with
access to broader services being allowed only if the customer is able to provide further identification
data. As far as customer verification is concerned, the FATF requirement for “reliable, independent
source documents, data or information” can extend to accepting a broad range of IDs and innovative IT
solutions can also provide reliable identifiers. Countries should nevertheless remain mindful of the
exposure of certain of these alternative acceptable IDs to fraud and abusive practices.
© 2011 FATF/OECD -
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