Today, an estimated 1.7 billion people around the world lack access to basic financial services and products – a situation that perpetuates poverty, fuels informal money transfer systems, and leaves populations vulnerable to criminal exploitation. But it doesn’t have to be this way.
By adhering to Financial Action Task Force (FATF) recommendations and the guidance of anti-money laundering experts, banks and other institutions can use a risk-based approach to extend financial access to low-income groups, underserved rural communities, and displaced persons.