The annual Pacific Islands Regional Initiative was held in Kokopo, East New Britain Province, under the theme, ‘Digital Financial Services in the face of de-risking.
De-risking refers to the practice of financial institutions closing the accounts of clients seen to be “high risk” to minimise their exposure to money laundering and cross border financing of terrorism.
With a number of impacts that de-risking would have on international financial services within the pacific region, members of PIRI sad to discuss regional solutions, considering the need for financial inclusion, which stands to be affected by implementing de-risking policies.
Source: Loop PNG
Date: 02nd June, 2017