Publication: AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People
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2005-07
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2013-02-25
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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.
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“World Bank. 2005. AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People. © World Bank. http://hdl.handle.net/10986/12495 License: CC BY 3.0 IGO.”
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