FATF proposed changes to Recommendation 1, emphasises simplified measures for lower risk scenarios

The proposed updates focus on promoting proportional measures for lower-risk individuals and small businesses. While FATF has consistently required enhanced due diligence for higher-risk cases, 𝗴𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗹𝗼𝘄𝗲𝗿-𝗿𝗶𝘀𝗸 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 has been less robust. The revisions propose 𝗿𝗲𝗽𝗹𝗮𝗰𝗶𝗻𝗴 𝘁𝗵𝗲 “𝗺𝗮𝘆 𝗱𝗲𝗰𝗶𝗱𝗲” 𝗹𝗮𝗻𝗴𝘂𝗮𝗴𝗲 𝘄𝗶𝘁𝗵 𝗮 𝗰𝗹𝗲𝗮𝗿 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗵𝗮𝘁 “𝗰𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗮𝗹𝗹𝗼𝘄 𝗮𝗻𝗱 𝗲𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗲 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝘀”, paving the way for more inclusive financial ecosystems that better serve low-income consumers…