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Cross Border Payments – Survey Results on Implementation of the FATF

November 24, 2021

On 22 October 2021, the Financial Action Task Force (FATF) published the results of its survey that was designed to identify key areas of divergence in the implementation of its AML/CFT requirements across different states, which create frictions for cross-border payments and their potential solutions. The survey results highlight, among others, that lack of a risk-based approach and inconsistent implementation of the AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency.  Inconsistent national approaches also create obstacles in identifying and verifying customer and beneficial owners, effective screening for targeted financial sanctions, sharing of customer and transaction information where needed, and establishing and maintaining correspondent banking relationships.

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