World Council of Credit Unions once again encouraged the Financial Action Task Force to limit regulatory burdens on credit unions. Specifically, World Council weighed in on regulatory burdens the FATF could relieve when it makes planned revisions to its guidance on the risk-based approach to anti-money laundering and countering the financing of terrorism compliance.
Representatives from the global credit union trade group based in Madison, Wis., met with FATF members this week in follow-up to a letter submitted to FATF in January addressing the same issues.
Other topics discussed at the FATF private sector participation group meeting at the European Banking Federation's Brussels' headquarters on March 25-26 included AML/CFT issues related to money services businesses and virtual currencies such as bitcoin.
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