With an emphasis on inclusive financial integrity, Cenfri provides technical assistance, tools and skills building to policymakers, regulators, supervisors and compliance heads looking to apply risk-based and outcomes accountable approaches to money laundering, terrorism financing and proliferation-financing risk strategies. Combining our understanding of relevant risks, familiarity with the FATF guidelines, knowledge of identity and identity-proofing capabilities and leveraging our competency in risk data analytics, we support financial service value chains undertake assessments from national level to the financial product level, thereby enabling the adoption of appropriate customer due diligence practices. Cenfri is committed to assisting countries to move off the grey list responsibly, shaping national risk assessment processes with empirical data and working with remittance services’ compliance managers to ensure that low-income households are not disproportionately affected in receiving low-value remittances. We are interested in mitigating the longer-term impact of illicit financial flows using digital technology (regtech, suptech and AI) to evaluate and monitor illicit flows and enhance inclusive financial integrity. We have worked with BankServ Africa, FSD Africa, GIZ, IFAD’s Financing Facility for Remittances, UNCDF and AFI on a range of financial integrity and identity projects. |
Over the past three years, the Global Stocktake (GST) embarked on a consultative journey to assess progress towards the objectives of the Paris Climate Change Agreement. The synthesis of these discussions has yielded 17 critical insights, spotlighting both achievements and hurdles in the implementation of the Agreement. Notably, efforts to
Innovation opportunities for enhanced remittance access As part of our Remittance Access Ininitative (RAI), Cenfri conducted a regulatory assessment of seven countries (Ghana, Kenya, Morocco, Senegal, South Africa, The Gambia and Uganda) to consider whether the regulatory environment was conducive to innovations around the know-your-customer (KYC) and customer due diligence
How proof of address fell In our financial integrity work, we found that in the wake of global efforts to curb money laundering and combat the financing of terrorism (AML-CFT), financial integrity often came at the cost of financial inclusion. The requirement for financial service providers to undertake know-your-customer (KYC) and customer due diligence (CDD)
The Financial Action Task Force (FATF) is the intergovernmental standard-setting body and watchdog for anti-money laundering, combating the financing of terrorism and other illicit financial flows. This year, the FATF announced new research into the potential unintended consequences of incorrect implementation of the FATF standards and recommendations. FATF identified four areas of concern: de-risking,
Digital identity is increasingly becoming the key enabler of digital inclusion across the globe. We conducted three country diagnostic studies to understand and assess the use cases and ecosystem requirements for a digital identity (ID) platform in the Pacific Island countries of Fiji, the Solomon Islands and Vanuatu. This research
Hundreds of millions of people globally remain excluded from formal financial services to meet their needs in an affordable way. According to Findex (2017), 17% of adults in sub-Saharan Africa report not having a financial account because they cannot produce identity documents that banks are requesting as part of their
This study set out to develop and apply inclusive compliance models in anti-money laundering and combatting the financing of terrorism (AML-CFT) to assist country and institutional stakeholders in achieving inclusive integrity outcomes. An inclusive compliance model is a compliance approach that minimises the cost of compliance while still adequately managing
Guidance for regulators, financial service providers and market facilitators Globally, millions of people are excluded from accessing the formal financial services that meet their needs. This is at least partly due to the way the Financial Action Task Force (FATF) recommendations are implemented by countries, and customers needing to provide
Recent years have seen large scale de-risking and financial exclusion happening in developing countries, particularly those countries that most need capital flows to finance social services, aid and development. Where regional economic hubs are de-risked, it has a profound effect on the developmental outcomes for the hub itself as well
