The worldwide total of forcibly displaced persons (FDPs) reached 110 million in 2022, with the cross-border refugee population standing at 36.4 million in 2023. The continuing cross-border refugee crisis caused by global conflict has created great vulnerabilities for FDPs. 



This TC Note and accompanying podcast discuss the expansion of access to finance for FDPs and the unique challenges it presents for financial regulators and supervisors, such as the need to comply with customer due diligence requirements under AML/CFT legislation.

They also outline actions that supervisors can take towards achieving financial inclusion for FDPs, including adopting risk-based approaches to customer identification requirements, implementing financial education programs, and encouraging the development of financial infrastructure in refugee centres.

Speaker: 

Mercy Buku, Program Leader, Toronto Centre

Host: 

Ruth Dueck-Mbeba, Financial Inclusion Advisor, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/