Publication: AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People
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.
“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.”