Key recommendations to the FSB include:
- Risk assessments conducted by competent authorities concerning the cross-border payment sector should be shared with the regulated sector;
- Laws and regulations should ensure the consistent and proportionate application of sanctions policies, including the extraterritorial impact of some jurisdictions’ sanctions regulations;
- Licensing and supervisory regimes should be reviewed to ensure they remain fit for purpose and align with the evolving payment landscape; and
- FIUs, along with banks and non-bank PSPs, must enhance cooperation and information-sharing to effectively address financial crime risks.
Firms can view the Group’s response to the now-closed consultation in advance of potential forthcoming changes to the FSB’s regulatory framework