The World Council of Credit Unions asked the Financial Action Task Force this week for clearer guidance on anti-money laundering/countering the financing of terrorism (AML/CFT) rules in order to reduce regulatory burdens. The FATF, based in Paris, France, is the global standard setting body for AML/CFT rules, and its members include the U.S. Treasury Department.
“World Council believes that the FATF’s efforts to clarify its guidance, especially with respect to information sharing and financial technology, will help reduce AML/CFT compliance burdens on credit unions and other cooperative financial institutions,” said Michael Edwards, vice president and general counsel of World Council.
The request for guidance was made at this week’s FATF Private Sector Consultative Forum in Vienna, Austria. The forum also included discussion on a wide range of issues including:
The FATF is likely to issue updated AML/CFT guidance on information sharing best practices this summer.