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Global Standards Proportionality
Working Group (GSPWG)

Global Standards Proportionality
Working Group (GSPWG)

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

  • Create policy guidance and knowledge products on the proportionate implementation of global standards to strengthen and balance financial integrity, financial stability, and financial inclusion policy objectives.
  • Disseminate key insights and learnings on proportionality to the broader AFI membershipls
  • Conduct peer reviews of policies and regulations which aim to promote proportionality in practice
  • Provide technical support to the AFI Global Standards & Policy Committee (GSPC) on the proportionate application of global standards
  • Engage in in-country implementation issues with SSB regional bodies such as the FATF-style regional bodies (FSRBs), and FSB Regional Consultative Groups
  • Basel Standards:
    Basel Framework Guidelines.
  • Non-Bank Financial Institutions (NBFI):
    Case Studies on Risk Profiling of NBFIs.
  • Deposit Insurance:
    Case Studies of member countries on Deposit Insurance and Financial Inclusion.
  • RegTech Technical Taskforce (GSPWG Focal Points):
    Special Report on RegTech for Financial Inclusion.

  • Inclusive Financial Integrity: A Toolkit for Policymakers
  • 2018

  • Guideline Note 31: Gender Considerations in Balancing Financial Inclusion and AML/CFT
  • Survey Report on the Implementation of the Basel Framework
  • Case Study: Proportionality in Practice Case Studies (Volume 1)
  • Survey Report: Global Standards and Financial Inclusion: Shadow Banking
  • Special Report: FinTech for Financial Inclusion: A Framework for Digital Financial Transformation
  • 2016

  • Special Report: Stemming the tide of de-risking through innovative technologies and partnership
  • 2013

  • Guideline Note 05: Risk-based Approaches to AML/CFT: Balancing financial integrity and inclusion
  • 2011

  • Mexico’s engagement with the standard setting bodies and the implications for financial inclusion (GPFI)
  • Kenya’s engagement with the standard setting bodies and the implications for financial inclusion (GPFI)
  • O’Jeito Brasileiro’ – the Brazilian way: Brazil’s engagement with standard setting bodies and the implications for financial inclusion (GPFI)
  • The Philippines’ engagement with the standard setting bodies and the implications for financial inclusion (GPFI)
  • South Africa’s engagement with the standard setting bodies and the implications for financial inclusion (GPFI)
  • In 2019, 10 members of IADI joined the GSPWG as technical advisors to support its work to protect customer funds held in e-money products
  • In 2018, AFI attained observer status at three FSRBs namely the Asia/Pacific Group on Money Laundering (APG), Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), and Grupo de Acción Financiera de Latinoamérica (GAFILAT)
  • Results of the AFI Members Survey on Financial Technology (FinTech) and Regulatory Technology (RegTech) were presented at the 2017 meeting of FSB’s FinTech Issue Group
  • AFI & G-24 Special Report “Stemming the Tide of De-Risking through Innovative Technologies and Partnerships” was published in 2016 and presented to the members
  • GSPWG strategic plan for 2016-2020 was adopted
  • AFI’s Global Standards & Policy Committee (GSPC) Chairman Governor Muhammad Ibrahim presented “The Risks of Financial Exclusion” to SSBs’ 2016 meeting
  • The 2016 Bali Outcome Statement on the Linkages between Financial Inclusion and Financial Stability
  • The KL Resolution on Proportionality in Practice, as well as The Moscow Resolution on Financial Inclusion & Shadow Banking were adopted in 2015
  • The AFI Paper “Potential Impacts of Global Standards on National Financial Inclusion Policies” was presented in 2014 at the Basel meeting of H.M. Queen Maxima and Heads of SSBs (currently updating the Paper)
  • Banco Central de Reserva de El Salvador
  • Banco Central del Paraguay
  • Banco de Moçambique
  • Bangko Sentral ng Pilipinas
  • Bangladesh Bank
  • Bank Al-Maghrib
  • Bank Negara Malaysia
  • Bank of Ghana
  • Bank of Namibia
  • Bank of Papua New Guinea
  • Bank of Sierra Leone
  • Bank of Tanzania
  • Bank of Thailand
  • Bank of Uganda
  • Bank of Zambia
  • Banque Centrale de Madagascar
  • Banque Centrale de Mauritanie
  • Banque Centrale de Tunisie
  • Banque Centrale des Etats de l’Afrique
    de l’Ouest (BCEAO)
  • Banque de la République du Burundi
  • Central Bank of Armenia
  • Central Bank of Egypt
  • Central Bank of Jordan
  • Central Bank of Kenya
  • Central Bank of Liberia
  • Central Bank of Nigeria
  • Central Bank of Sri Lanka
  • Central Bank of the Bahamas
  • Central Bank of the Republic of
  • Central Bank of the Russian Federation
  • Centrale Bank van Suriname
  • Comisión Nacional Bancaria y de Valores
    de México (CNBV)
  • Da Afghanistan Bank
  • Financial Regulatory Commission of
  • Maldives Monetary Authority
  • Ministère de l’Economie, des Finances
    et du Budget du Sénégal
  • Ministry of Finance – Eswatini
  • Ministry of Finance Zambia
  • National Bank of Cambodia
  • National Bank of Rwanda
  • National Bank of Tajikistan
  • National Bank of the Republic of Belarus
  • National Reserve Bank of Tonga
  • Nepal Rastra Bank
  • Palestine Monetary Authority
  • Reserve Bank of Fiji
  • Reserve Bank of Malawi
  • Reserve Bank of Vanuatu
  • Reserve Bank of Zimbabwe
  • Royal Monetary Authority of Bhutan
  • Superintendencia de Banca, Seguros y
    AFP del PerúSuperintendencia de la
    Economía Popular y Solidaria de Ecuador
  • Superintendencia General de Entidades
    Financieras de Costa Rica (SUGEF)


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.

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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.

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