The risk-based approach (RBA) is central to the effective implementation of the revised FATF International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation, which were adopted in 2012

The FATF has reviewed its 2009 [RBA Guidance](http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-money-value-transfer-services.pdf) for money service businesses (MSBs), in order to bring it in line with the new FATF requirements and to reflect the experience gained by public authorities and the private sector over the years in applying the RBA. This revised version applies to the money or value transfer services (MVTS) sector. The FATF will also review and update its other RBA Guidance papers (based on the 2003 Recommendations), to be consistent with the 2012 FATF Recommendations.

The first draft of the RBA Guidance for the MVTS sector was drafted by the MVTS Project group, co-led by the UK and Mexico. Representatives of the private sector were associated with the work and consulted on the draft document.

The FATF adopted this updated RBA Guidance for MVTS providers at its February 2016 Plenary.