Global Standards Proportionality

Seven countries reported undertaking 15 policy reforms related to the proportionate application of global standards balancing financial inclusion, integrity, and stability. Since 2017, 42 policy and regulatory reforms were reported by 19 countries in this policy area.

HIGHLIGHTS POLICY TRENDS

15 42

reforms from 7 countries reported in 2020

Since 2017, there were 42 reforms in 19 countries reported

KYC & e-KYC (Inclusive Financial Integrity), guidelines for no-frills accounts, policies for inclusive financial stability

In 2020, more than half of the reported reforms are targeted towards mitigating the negative effects of the COVID-19 pandemic. This included modifications in simplified due diligence accounts, temporary delay in maintaining capital conversion buffer, relief measures on consumer identification, among others.

Over the past three years, the reported reforms have continued to be on regulations and guidelines for basic bank accounts. For instance, Angola reported to introduced regulation on simplified bank account in 2020. This follows the reporting of Bangladesh, Paraguay, Peru, the Philippines and Thailand as reported in the previous edition of this report. According to the 2017 Global Findex survey, cost and lack of documentation are among the main barriers to financial inclusion, respectively cited by 25 and 20 percent of respondents without a financial institution account. These reforms are directly targeting these barriers.