FATF welcomes your contribution to the online questionnaire on enhancing cross-border payments.
Faster, cheaper and more inclusive cross-border payment services could have widespread benefits for people and economies worldwide. They would help support economic growth, international trade and global development. That is why the enhancement of cross-border payments, with a focus on safety and security, is a key priority of the G20, the FATF, and other international organisations.
Cross-border payment services face a number of challenges, including high costs, limited access, low speed and insufficient transparency, which the G20 Cross-Border Payments Roadmap seeks to address. Varying national anti-money laundering and counter-terrorist financing measures, which may or may not be linked to FATF Standards, do not always help the situation. Identifying what works well and what needs to be improved is a key part to finding a solution.
In collaboration with the Basel Committee on Banking Supervision, the FATF has developed an online questionnaire to seek feedback from the private sector about these challenges and how to address them, without compromising anti-money laundering and counter-terrorist financing safeguards. This includes banks, payment service providers, Fintech companies, money or value transfer services providers, and other stakeholders.
We welcome your contribution to the questionnaire here. Please note that the deadline for your comments is 15 January 2021.