FATF Updates Standards Following February Plenary Approval

➡️ The updates aim to promote financial inclusion through increased proportionality and a simplified risk-based approach.

➡️ The changes affect Recommendation 1 and its interpretive note, the interpretive notes of Recommendations 10 and 15, and glossary definitions.

➡️ Following the update, the FATF is renewing its guidance on AML/CTF measures and financial inclusion, and has launched a consultation to seek views on the guidance.

🗓️ Firms have until 4 April 2025 to respond to the consultation using the designated channels.