IOTA Foundation has proposed that the Financial Action Task Force (FATF) focuses on industry-specific solutions in its AML/CFT standard review.
IOTA also highlights its support for the latest update as it claims that non-face-to-face interactions should not be flagged as high risk.
The IOTA Foundation has announced that it supports the recent revision of the Financial Action Task Force (FATF) with regards to the “Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) standards” meant to balance the approach to risk management without compromising financial inclusion.
Firstly, IOTA argues that FATF’s proposed review would support proportionate risk-based regulations. According to them, the decision to replace “commensurate” with “proportionate” in risk management discussions may seem “irrelevant,” but presents a significant change towards enhancing regulatory clarity.
Also, IOTA believes that FATF’s proposal would encourage a “supervisor
