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Summary

The rise of fintech, digitalization, and cross-border financial transactions has brought about associated risks. Financial crimes, including money laundering, terrorism financing, and fraud, are a growing concern in Asia and the Pacific, where the rapidly evolving financial sector makes it an attractive target for illicit activities. This presents a challenge for balancing the need for regulations with the risk of de-banking and financial exclusion.

As part of the Global Finance & Technology Network (GFTN) Forum, specifically the GFTN Insights to be held on 3–4 March in Tokyo, Japan, the policy roundtable is designed to formulate answers to the dilemma above. The roundtable will bring together policy makers, regulators, fintech innovators, central banks, academia, think tanks, and financial service providers from across Asia and the Pacific to discuss the Financial Action Task Force (FATF) Recommendations: International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, which serve as a guide for developing comprehensive frameworks to safeguard financial systems while adhering to international standards.

The roundtable will focus on specific FATF Recommendations in two sessions:

1. FATF Recommendation 1 – Risk-based Approach
2. FATF Recommendation 16 – Payments and Value Transfers It will be an opportunity for stakeholders to:
   1. Effectively translate FATF 1 into proportional risk-based Anti-Money Laundering (AML) policies that are considerate of debanking risks and vulnerable groups.
   2. Navigate cross-border payments in full compliance with FATF Recommendation 16 by sharing about diverse financial regulations and infrastructure and formulating mutual understanding and regional solutions.
   3. Encourage cross-sector stakeholders from the public and private sectors to collaborate in making inclusive AML policies and environments. 

Objectives

• Discuss how countries can issue guidance to meet new FATF inclusion guidelines to suit their specific legal, economic, and cultural contexts while maintaining effectiveness, particularly in the face of new fintech solutions, such as electronic Know Your Customer (e-KYC).
• Explore ways to implement new FATF inclusion guidelines and recommendations on Simplified Due Diligence that prevent financial crime without causing de-banking or financial exclusion, especially for vulnerable groups.
• Identify strategies for enhanced cross-border collaboration in Asia and the Pacific to address financial crimes that transcend national borders, and build capacity in digital ID systems and policy for data protection and cyber security frameworks.

Target Participants

Policy makers, regulators, the private sector, academia, think tanks involved and/or interested in financial inclusion, financial crime prevention, and the implementation of FATF recommendations.

Output

• Policy brief based on the outcomes of the discussion
• Recognition of the challenges met by policy makers as well as the private sector with regards to the implementation of the FATF recommendations
• Better awareness of the FATF recommendations and the implications on the finance sector, particularly fintech

Partners

• Griffith University’s Academy of Financial Crime Investigation and Compliance 
• Griffith Asia Institute 
• International Law Institute