Publication: AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People
Date
2005-07
ISSN
Published
2005-07
Author(s)
World Bank
Abstract
This report on anti-money laundering
(AML) and combating the financing of terrorism (CFT)
regulation addresses the consequences of these regulations
on low-income people. The introduction of new or tightened
AML/CFT regulations may have the unintended and undesirable
consequence of reducing the access of low-income individuals
to formal financial services. As a means to avoid this
outcome, this paper argues in favor of gradual
implementation of new measures; the adoption of a risk-based
approach to regulation; and the use of exemptions for
low-risk categories of transactions.
Citation
“World Bank. 2005. AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/6c3f9117-87c9-55ba-a223-e829ec3ffb4b License: CC BY 3.0 IGO.”