World Council of Credit Unions yesterday came out in strong support of revisions to regulations developed by the Financial Action Task Force (FATF) designed to combat money laundering and terrorist financing, and supported the FATF’s revised due diligence recommendations that can be scaled to acknowledge credit union members’ relative lack of risk in these areas. World Council representatives spoke to this issue at an April 2 meeting held by FATF at the Paris headquarters of the Organization for Economic Cooperation and Development, where the inter-governmental regulatory body is domiciled.
More than 100 participants attended the two-day meeting to discuss revisions to FATF’s International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation, better known as the 40 recommendations. World Council supports the recommendations overall, and especially the FATF’s revised customer due diligence (CDD) recommendations that should apply to the relatively low-risk scenarios offered through credit unions, according to Michael Edwards, World Council chief counsel and vice president for advocacy and government affairs.
Detailed press release link: here