FATF release an update to its Standards – Feb 2025
26/02/2025
The Financial Action Task Force (FATF) has released an update to its Standards following the approval at the February 2025 Plenary.
https://www.fatf-gafi.org/en/topics/fatf-recommendations.html
The changes affect
- Recommendation1 and its Interpretive Note,
- Recommendations 10 and 15,
- Glossary definitions aimed at fostering better financial inclusion.
The updates aim to enhance access to financial services for the approximately 1.4 billion people worldwide without a bank account by promoting a simplified and proportionate approach.
The goal is to encourage jurisdictions to create a more enabling environment, boosting the confidence of financial institutions in implementing simplified measures.
These changes are based on a public consultation that gathered over 140 responses, including feedback from banks, non-profits, insurers, academics, and other key stakeholders.
For further details, please refer to the official document.
Source
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.