Also, the ADB Vice President emphasized, the sender (and his bank)
Posted: Tue Jan 21, 2025 8:20 am
— There are already manifestations of this trend in a number of processes, but we hoped that instead of duplication there would be a clearer delineation of responsibilities and duties. Moreover, the increase in the amount of personal data accompanying the transfer, especially given the presence of various non-bank payment initiators and intermediary banks, threatens to violate banking secrecy. And without the transfer of this data, the recipient's bank will not be able to carry out checks, — he said.
do not have data on mexico whatsapp resource the recipient for many types of transactions.
— Recommendation 16 already creates certain technical difficulties due to the complexity of control in the correspondent chain. Tightening changes will further complicate the situation with transfers and payments, — predicts Viktor Dostov.
But, according to the deputy head of the NP "National Council of the Financial Market" (NCFM) Alexander Naumov, the innovations will not have a serious impact, for example, on the Fast Transfer System (FTS). He recalled: FATF has repeatedly stated that it does not plan to limit the development of new technologies.
Any tightening of regulation often complicates rather than simplifies the process at the moment, but over time it can have positive consequences, noted Ekaterina Semerikova, a leading researcher at the Skolkovo School of Management's Blockchain and Fintech Lab. The recommendations are created for long-term improvement of control and prevention of illegal activity, and how and when a particular country adapts them depends on itself, she added.
Alone with everyone
At the same time, the changes planned by FATF will definitely worsen the already serious problems with cross-border transfers and payments due to sanctions. Some experts even call the 16th recommendation a stronghold of sanctions. And they explain that it is precisely its manifestation that becomes the reason why SWIFT payments do not go through. This means that someone from the chain of correspondents saw something suspicious in the payment instruction, explained Izvestia's interlocutor on the financial market.
The preamble to the document declares that "the project is part of the priority action plan of the G20 countries to accelerate, reduce the cost, and increase the transparency of cross-border payments while maintaining their reliability." However, Alexander Linnikov noted, several paragraphs below there is a statement that one of the goals of the innovation is to help comply with targeted financial sanctions.
— Thus, for Russia, if it decides to follow the updated FATF recommendations, which are under discussion, this will mean complicating cross-border payments. Even such friendly countries to the Russian Federation as China, Turkey, and the UAE are members of the organization and follow its recommendations, — noted the Chairman of the Board of the NP "NPS".
At the same time, he added, Kazakhstan, Tajikistan, Armenia and Kyrgyzstan, through which Russia conducts a large share of cross-border operations, are not members of FATF. However, this does not mean that credit institutions and financial authorities of these countries will not follow the trends outlined in the new recommendations, the expert pointed out.
Changes for banks will depend on the final version of the updated recommendation, as well as changes to the anti-money laundering law (115-FZ), Alexander Naumov recalled. In any case, large-scale changes will require a long period of their adaptation to current payment technologies, he emphasized.
Once the changes are finally adopted, the FATF will develop a payment transparency guidance document to facilitate consistent implementation of the standards across jurisdictions, the document states.
In the last reaction
do not have data on mexico whatsapp resource the recipient for many types of transactions.
— Recommendation 16 already creates certain technical difficulties due to the complexity of control in the correspondent chain. Tightening changes will further complicate the situation with transfers and payments, — predicts Viktor Dostov.
But, according to the deputy head of the NP "National Council of the Financial Market" (NCFM) Alexander Naumov, the innovations will not have a serious impact, for example, on the Fast Transfer System (FTS). He recalled: FATF has repeatedly stated that it does not plan to limit the development of new technologies.
Any tightening of regulation often complicates rather than simplifies the process at the moment, but over time it can have positive consequences, noted Ekaterina Semerikova, a leading researcher at the Skolkovo School of Management's Blockchain and Fintech Lab. The recommendations are created for long-term improvement of control and prevention of illegal activity, and how and when a particular country adapts them depends on itself, she added.
Alone with everyone
At the same time, the changes planned by FATF will definitely worsen the already serious problems with cross-border transfers and payments due to sanctions. Some experts even call the 16th recommendation a stronghold of sanctions. And they explain that it is precisely its manifestation that becomes the reason why SWIFT payments do not go through. This means that someone from the chain of correspondents saw something suspicious in the payment instruction, explained Izvestia's interlocutor on the financial market.
The preamble to the document declares that "the project is part of the priority action plan of the G20 countries to accelerate, reduce the cost, and increase the transparency of cross-border payments while maintaining their reliability." However, Alexander Linnikov noted, several paragraphs below there is a statement that one of the goals of the innovation is to help comply with targeted financial sanctions.
— Thus, for Russia, if it decides to follow the updated FATF recommendations, which are under discussion, this will mean complicating cross-border payments. Even such friendly countries to the Russian Federation as China, Turkey, and the UAE are members of the organization and follow its recommendations, — noted the Chairman of the Board of the NP "NPS".
At the same time, he added, Kazakhstan, Tajikistan, Armenia and Kyrgyzstan, through which Russia conducts a large share of cross-border operations, are not members of FATF. However, this does not mean that credit institutions and financial authorities of these countries will not follow the trends outlined in the new recommendations, the expert pointed out.
Changes for banks will depend on the final version of the updated recommendation, as well as changes to the anti-money laundering law (115-FZ), Alexander Naumov recalled. In any case, large-scale changes will require a long period of their adaptation to current payment technologies, he emphasized.
Once the changes are finally adopted, the FATF will develop a payment transparency guidance document to facilitate consistent implementation of the standards across jurisdictions, the document states.
In the last reaction