A Rulebook for the Digital Age

A modernized and dynamic approach to financial crimes compliance

Need a template for building out your financial crimes compliance framework? Join our global consortia driving a modernized compliance governance framework for the web-based financial services of tomorrow and virtual asset services sector.

  • Ensure conformity with international Financial Crimes Compliance (FCC) standards, data protection guidelines, international payments rules, and financial system integrity protocols.
  • Easily apply essential FCC standards to your business’s policies for strong governance and regulatory compliance.
  • Keep abreast of evolving FCC obligations as financial services innovation creates new opportunities.

Build a comprehensive and modernized FCC policy framework using a sector-driven dynamic, global-standards Rulebook.

Rulebook

Our Challenge

As financial innovation brings new inclusion opportunities, regulators globally are working to ensure Fintech and non-bank financial institutions are subject to the same AML/CFT requirements as traditional banks.

As a result, crypto firms, virtual asset service providers (VASPs), peer-to-peer and blockchain network payment platforms and many others are under increasing scrutiny.

Enter The Rulebook

FinClusive, in partnership with the Sovrin Foundation and other global organizations, is leading a Compliance and Inclusive Finance Working Group (CIFWG) that works to ensure that new and growing financial services providers in the virtual-asset space ensure essential controls and drive a comprehensive framework for incentivized self-governance. The CIFWG also helps guarantee that companies meet regulatory safeguards and grow their businesses while ensuring the financial system remains safe, secure and accessible for all.

Based on 'activities and practices' CIFWG has developed a best practices governance framework — the "Rulebook" — that enables financial services providers, both traditional and emerging including those that engage in token-based transactions and alternative value transfer activities, such as P2P, blockchain-enabled or other virtual-asset related network activities. Driven by the industry and informed by global regulators and policy makers, the "Rulebook" is a dynamic framework that reflects the operational realities of these growing payment technologies and builds upon existing governance and data privacy rules from the following organizations:

  • Financial Action Task Force (FATF)
  • Society for Worldwide Interbank Financial Telecommunication (SWIFT)
  • National Automated Clearing House Association (NACHA)
  • National Institute of Standards and Technology (NIST)
  • European Union’s General Data Protection Regulation (GDPR)
  • Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI)

Why adopt the Rulebook?

  • Founded on financial inclusion and best practices that uphold global risk and compliance obligations for financial intermediaries of all types.
  • Ensures compliance while delivering a seamless experience for users and a smooth flow of funds for members, including to and from traditional banking rails.
  • Defines technical standards for end-to-end transaction flows and service level agreements between transacting parties; ensuring consistency, operational certainty, and legal clarity for every transaction.
  • Modern and dynamic application to regulatory compliance as technology continues to evolve and global regulators look to cover new entrants to the financial system with essential controls.