engleski

Financial Inclusion as a New Challenge to Anti- Money Laundering and Terrorist Financing System

Financial inclusion is a term that is primarily applied to individuals, households, and microenterprises in areas with a high degree of poverty who use informal financial services rather than formal and protected financial system. In order to solve the issue of financial exclusion, such user profile is offered a wide spectrum of financial products and services unavailable until that point, such as carrying out transactions, savings, lending and insurance tasks, with a view to reducing poverty and boosting prosperity. Apart from boosting quality of economic and social living conditions, an obvious advantage of financial inclusion is its effect on the reduction of risk of uncontrolled money flows which brings it in correlation with anti-money laundering and terrorist financing goals. That is why it is important to discuss the issue of efficient identifying, assessing, understanding and mitigating risks of money laundering and terrorist financing, depending on customers' profile, type of products, services, and conducted transactions or delivery channels used. When using methods of classification and description, the work analyses issues of financial exclusion, financial inclusion modalities, connection to anti-money laundering measures in a scope of due diligence and risk based approach, as well as an importance of national risk assessment to determine the level and nature of the risk environment and other risk indicators.

financial inclusion, money laundering, bank, due diligence, risk, assessment

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