Shearman & Sterling LLP | FinReg | Financial Action Task Force Publishes Outcomes of its 2018 Private Sector Consultative Forum
Financial Regulatory Developments Focus
This links to the home page
  • Financial Action Task Force Publishes Outcomes of its 2018 Private Sector Consultative Forum
    The Financial Action Task Force held its annual private sector consultative forum in Vienna on April 23 – 24, 2018. The annual forum provides a platform for the FATF to learn more about the private sector's views and concerns on issues related to anti-money laundering and countering the financing of terrorism. Attendees at the forum included representatives from the financial sector and other businesses and professions subject to AML/CTF obligations.

    At this year's forum, participants discussed ongoing initiatives to address the issue of de-risking, which remains a key FATF priority. Potential next steps discussed included the necessity for continued coordinated action at global level, the importance of constructive dialogue and engagement and capacity building.

    The forum also featured discussion of the FATF's ongoing FinTech and RegTech Work. In particular, participants discussed the benefits and challenges of using digital identification technology for customer due diligence at the on-boarding stage. There was consideration of whether there might be potentially a need for clarifying or changing the FATF Recommendations to support the growing use of digital ID.

    Participants also discussed the regulatory environment for crypto assets and whether the FATF standards and guidance adequately address recent developments. In particular, participants considered that definitions need be clarified and a global approach needs to be adopted, with continued engagement between the private and public sectors.

    View the FATF press release.

    View the Chairman's summary of FinTech and RegTech outcomes.