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Cross Border Payments - Survey Results on Implementation of the FATF Standards


Faster, cheaper, more transparent, and more inclusive cross-border payment services that are safe and secure can facilitate economic growth, international trade, global development and financial inclusion.

Enhancing cross-border payments is a vital priority of the G20.

In October 2020, G20 Finance Ministers and Central Bank Governors endorsed the Roadmap for Enhancing Cross-border Payments, which comprises 19 Building Blocks.

The FATF initiated an industry survey in consultation with the Basel Committee on Banking Supervision (BCBS) to identify areas where divergent AML/CFT rules or their implementation cause friction for cross-border payments.

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