GSPWG is a platform that provides technical support to developing and emerging country policymakers to implement global standards for financial stability (e.g. the Basel Framework) and financial integrity (e.g. Financial Action Task Force [FATF] 40 Recommendations) proportionately and without unintended negative consequences for financial inclusion.
The working group supports AFI’s Global Standards and Policy Committee with respect to strategic engagements with global standard-setting bodies and leverages on AFI’s partnership with the FATF-Style Regional Bodies and the International Association of Deposit Insurers.
Members also exchange information on the opportunities and risks associated with new technologies, such as digital identity innovations, regulatory technology solutions, and the growing use of virtual assets, which could potentially impact the effectiveness of global standards and regulatory compliance.
The working group has four thematic subgroups:
Anti-money laundering/combating the financing of terrorism – developing a toolkit on inclusive financial integrity;
Basel Framework – developing a guideline note on the proportionate application of the Basel Framework;
Deposit Insurance – developing an issues paper on e-money, financial inclusion and deposit insurance;
Non-bank financial institutions (NBFI) – advancing proportionate regulations of NBFIs active in the promotion of financial inclusion.
Sally Abdel Kader, Central Bank of Egypt
Clarence Blay , Bank of Ghana
Florabelle Santos , Bangko Sentral ng Pilipinas
AFI’s Global Standards Proportionality Working Group (GSPWG) webinar on Virtual Assets Regulation: Aligning Inclusion and Integrity Goals explored the Financial Action Task Force (FATF) standards and guidance on AML-CFT risks in the virtual assets sector, steps to take within the sector to mitigate risks and enhance compliance. The webinar covered also regulatory approaches by AFI members to meet FATF expectations and safeguard financial integrity without undue hindrance to innovation or inclusion.- Read More
Policymakers in AFI network and globally have identified the economic and financial losses brought about by climate change as a significant threat to financial stability as its socioeconomic impacts have the potential to reverse years of gains in financial inclusion in developing countries.
AFI’s Global Standards Proportionality Working Group (GSPWG) and Inclusive Green Finance Working Group (IGFWG) Webinar explored topics on the linkages between financial stability, climate change, and inclusive green finance policies, as well the opportunities that exist for member institutions to contribute to relevant standard-setting and international processes.