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SSBs and Financial Inclusion
Transcript of SSBs and Financial Inclusion
Embraces risk-based approach that enables countries & financial institutions to adopt simplified due diligence measures where justified by a low level of risk
Permits countries to exempt financial services rendered on limited basis from most AML/CFT controls Formation of Sub-Committee on Financial Inclusion and Innovation Draft application paper on inclusive insurance markets (based on previously issued microinsurance issues papers) Fall 2011: Adoption of revised "Insurance Core Principles, Standards, Guidance and Assessment Methodology” (ICPs) making more explicit and strengthening the proportionality principle Formalization Sharing of experiences on promoting formalization of informal providers through standards and guidance Branchless Banking & Similar Innovations Coordinated guidance from multiple SSBs on proportionate regulation and supervision of new models Financial Consumer Protection Recognize unique issues financial inclusion introduces (e.g. profile of financially excluded and newly ‘included’ customers) 2009 2011 Sept. 2009 2012 2010 April 2009 June 2010 Nov. 2010 Nov. 2011 Discussions start, U.K. leading Financial Inclusion Experts Group Principles for Innovative Financial Inclusion SSBs Called to Action by G-20 (inter alia) G-20 and Financial Inclusion: Origins of GPFI June 2012 G-20 Endorses Financial Inclusion Indicators Oct. 2012 First Annual GPFI Conference on SSBs & Financial Inclusion Who are the relevant SSBs? SSB Sets standards on Basel Committee on Banking Supervision (BCBS) Financial Action Task Force (FATF) Committee on Payment & Settlement Systems (CPSS) International Association of Insurance Supervisors (IAIS) International Association of Deposit Insurers (IADI) Supervision of deposit-taking institutions Money laundering & terrorist financing (AML/CFT) Supervision of payment systems Supervision of insurance and insurers Supervision of deposit insurance schemes