➡️ 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.