Mali Embarks on Anti-Money Laundering Best Practices to Boost Financial Inclusion

Promoting Financial Inclusion through AML/CFT Measures

The Malian government has taken significant steps to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) best practices. This move aims to promote financial inclusion, mitigate the risk of money laundering, and create a safer and more inclusive financial system.

The Importance of Financial Inclusion

Financial inclusion is crucial for economic growth as it provides access to regulated financial services for underserved populations. However, traditional customer due diligence requirements often pose a significant hurdle for low-income individuals or displaced persons who lack reliable identity documentation.

Overcoming Challenges through Risk-Based Approach

Experts emphasize the importance of a risk-based approach in AML/CFT measures and financial inclusion. This approach allows for flexibility in providing access to basic regulated financial products to a larger proportion of the population.

• Benefits of a Risk-Based Approach:
  • Provides flexibility in customer due diligence
  • Supports financial inclusion while mitigating ML/TF risks
  • Allows for adaptability in responding to changing contexts

Implementing E-Identity Tools in Mali

The Malian government is adapting customer due diligence measures to the context of financial inclusion. The use of e-identity tools is one such example, which can support financial inclusion while mitigating money laundering and terrorist financing risks.

• Benefits of E-Identity Tools:
  • Supports financial inclusion for underserved populations
  • Reduces ML/TF risks through enhanced identity verification

Commitment to AML/CFT Best Practices

The Malian government’s commitment to AML/CFT best practices is expected to promote a safer and more inclusive financial system, providing opportunities for economic growth and development. As the country embarks on this journey, it joins a growing number of nations prioritizing financial inclusion and AML/CFT compliance.

• Positive Outcomes:
  • Enhanced financial inclusion
  • Reduced ML/TF risks
  • Promoting economic growth and development
  • Joining global efforts in promoting AML/CFT best practices