Policymakers Seek Innovative Solutions To Unbanked Crisis

Global standards-setting bodies are pushing for revamped due diligence laws and modernised know your customer (KYC) processes to ensure a growing displaced population is not shut out of the formal financial system.

A report by the Alliance for Financial Inclusion (AFI), a global network of policymakers, has called on the Financial Action Task Force (FATF) to update its guidance to protect the 65.6m forcibly displaced persons (FDPs) worldwide.

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