FATF Issues New Guidance To Discourage De-Risking

A global financial crime watchdog has issued new advice in an effort to deter financial institutions from cutting relationships with correspondent banks and, by extension, money transfer businesses.

The guidance, published on Friday by the Financial Action Task Force (FATF), set out to clarify regulatory expectations around customer due diligence and reiterate the need for banks to take a risk-based approach to correspondent banking relationships.

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