Advisory and Transformation
AML/CTF/CPF
Industry News
The proposed updates address unintended consequences of current AML/CFT measures and aim to refine the risk-based approach with more proportional measures.
These include:
- Replacing “commensurate” with “proportionate” to clarify risk-based expectations and align with inclusion frameworks;
- Encouraging, not just allowing, simplified measures for lower-risk situations to foster financial inclusion;
- Requiring supervisors to comprehensively review institutions’ risk mitigation to prevent overcompliance; and
- Acknowledging that digital identity systems can lower risks in non-face-to-face interactions
✅ Organisations should prepare for these changes by reassessing their risk-based approaches and embracing technology that supports proportional compliance measures. Ensuring that relevant technology systems are recalibrated to adapt to new standards is crucial for effective implementation.
💡 Plenitude Consulting’s Technology Advisory Services assist firms in recalibrating and optimising their compliance technology to stay aligned with evolving regulatory requirements and enhance operational efficiency. Discover more about our services here:
https://www.plenitudeconsulting.com/services/technology-advisory-services
