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  • Writer's pictureAmeis Regulatory Services

On 4 March 2021, The Financial Action Task Force (FATF), published a new guidance document in its efforts to promote risk-based supervision.

Developing an in-depth understanding of the risks that their regulated entities face, is deemed critical to effective supervisory approaches and the guidance sets forth standards for a risk-based approach and strategies to address common challenges in risk-based supervision.

It includes high level guidance on risk based-supervision that are in line with he FATF standards, strategies to address common challenges in risk-based supervision as well well jurisdictional examples.

In addition, the guidance provides various examples from across the global network of countries, in particular on approaches related to Financial Institutions, Money Value Transfer Services (MVTS), Designated Non-Financial Business and Professions (DNFBP), Virtual Asset Service Providers (VASPs), and supervision in the COVID-19 context.

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