BBA’s response on the review of the Financial Action Task Force (FATF) standards notes the importance of consultation once the precise amendments are available. It also says it is disappointed FATF has not taken into account several suggestions BBA had previously made, including on how to improve the usefulness of FATF reports. BBA would like clarification on some of FATF’s proposals, especially on identification of beneficial ownership. It supports many of FATF’s proposals, including those that recognise the tension between data protection and anti-money laundering/counter-terrorist financing obligations, and the benefits of group-wide compliance programmes. (Source: BBA Response to Consultation on the Review of the FATF Standards)