The principles described below were developed based on analysis of the identified frictions related to differences in the application of regulatory risk management requirements, focused on ML, TF and other illicit finance risks as well as operational risks (e.g. fraud, cyber) and resilience described earlier in this report. These principles define the areas and establish a framework for the development of the recommendations in section 4. The principles and the recommendations that follow are intended to be high-level and recognize that national regulatory and supervisory frameworks are influenced by a range of considerations.
Cross-border payment supervisory and regulatory regimes should be designed to promote safe, resilient, and efficient payment services. Safety and efficiency of payments are essential for a well-functioning economy. It is thus important that regulatory and supervisory requirements consider the entire payment chain and the role of all actors involved and clarify th
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