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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.

“Financial inclusion is an important issue for the FATF,” the task force said in a statement to PaymentsCompliance.

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