Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency. All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.

Agency	Pending Comment Letters	Due Date
Financial Action Task Force	AML/CFT and Financial Inclusion - Proposed Changes to FATF Standards	December 6, 2024

Recent News on our Competent Authorities

2024-08-28

New FATF President Highlights Inclusive Approach

New Financial Action Task Force (FATF) President Elisa de Anda Madrazo recently addressed the G20 Finance Ministers and Central Bank Governors at their meeting in Brazil. In one of her first comments as President she declared that financial inclusion will be one of her main areas of focus when delivering FTAF’s new strategic priorities. She noted securing financial integrity is not a trade-off with financial inclusion. She emphasized FATF is working diligently to prevent money laundering activity while maintaining access for clean funds to move through the regulated financial system. Excluding people from the financial system will increase inequalities and push them to unregulated options, increasing overall risks.

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FATF

New FATF President Highlights Inclusive Approach

2023-12-15

World Council Submits Comment Letter regarding FATF’s Guidance on Recommendation 25

World Council recently submitted a letter to the Financial Action Task Force (FATF) with comments regarding its Risk-Based Guidance on Beneficial Ownership (Recommendation 25). Recommendation 25 is additional guidance to help prevent the misuse of legal arrangements for money laundering or terrorist financing.

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FATF

World Council Submits Comment Letter regarding FATF’s Guidance on Recommendation 25

2023-08-22

FATF Issues Targeted Update on Implementation of FATF Standards on Virtual Assets

The Financial Action Task Force has issued its Targeted Update on the Implementation of FATF Standards on Virtual assets calling for all countries to rapidly implement measures on virtual assets (VA) and virtual asset service providers (VASPs).

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FATF

FATF Issues Targeted Update on Implementation of FATF Standards on Virtual Assets

2023-04-11

FATF Finalizes Guidance On Beneficial Ownership of Legal Persons

The Financial Action Task Force finalized its guidance to provide tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. This guidance will help implement the revised Recommendation 24. If implemented properly by national-level authorities, it will provide efficient and rapid access to the information for use by financial institutions including credit unions to help with their AML/CFT responsibilities with respect to legal entities.

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FATF

FATF Finalizes Guidance On Beneficial Ownership of Legal Persons

2022-03-16

WOCCU Applauds FATF Strengthening of Beneficial Ownership Standards

The Financial Action Task Force made amendments to FATF Recommendation 24 and its Interpretive Note to strengthen the international standards on beneficial ownership of legal persons to ensure greater transparency about the ultimate ownership and control of legal persons. This not only will mitigate the risks of their misuse, but will require Countries to have a public authority or body function as a beneficial ownership registry (or alternative mechanism) that can provide efficient access to adequate, accurate and up-to-date beneficial ownership information by competent authorities.

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FATF

WOCCU Applauds FATF Strengthening of Beneficial Ownership Standards

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