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World Council Requests Clearer AML/CFT Guidance from Task Force
Monday, March 27, 2017 6:40 AM

The World Council of Credit Unions has asked the Financial Action Task Force for clearer guidance on anti-money laundering/countering the financing of terrorism (AML/CFT) rules in order to reduce regulatory burdens. The FATF, based in Paris, France, is the global standard-setting body for AML/CFT rules, and its members include the U.S. Treasury Department.

“World Council believes that the FATF’s efforts to clarify its guidance, especially with respect to information sharing and financial technology, will help reduce AML/CFT compliance burdens on credit unions and other cooperative financial institutions,” said Michael Edwards, vice president and general counsel of World Council.

The request for guidance was made at last week’s FATF Private Sector Consultative Forum in Vienna, Austria. The forum also included discussion on a wide range of issues including:

  • Obstacles to information sharing about suspicious activities between different financial institutions;
  • How AML/CFT rules should be revised with respect to new financial technologies; 
  • Implementation of the FATF’s recent guidance on correspondent banking issued in October 2016; 
  • Financial inclusion of unbanked persons; 
  • Legal entity beneficial ownership; and 
  • Remittances.

The FATF is likely to issue updated AML/CFT guidance on information sharing best practices this summer.