World Council of Credit Unions has urged the Financial Action Task Force to reduce unnecessary compliance burdens on credit unions by providing increased clarity on the relative risks posed to global anti-money laundering efforts by common retail credit union and banking services.

WOCCU’s Jan. 13 comment letter to the Paris-based international organization was written in response to six questions posed by FATF to private sector financial institutions seeking clarification of its anti-money laundering requirements. Answers to those questions are designed to provide input for revisions to specific sections of FATF’s “Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing,” first published in 2007, as well as clearer guidance for local authorities charged with upholding AML statutes.

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