The FATF has actually, within its recommendations on financial inclusion in particular, put out quite a significant paper on how a simplified approach to due diligence can encourage financial participation in the economy. Some of the things they are citing are issues like verifying the customer identity or beneficial ownership after the establishment of a business account so that in cases of a small business you're not crippling that business from moving ahead financially by putting all this process around it. Then they put limits on it. Once you have done this for 12 months, you have to start meeting the full requirements of customer due diligence, or if you exceed certain transaction thresholds, you start doing it.
The idea is not dissimilar to the idea of fintechs and sandboxes in which, for a certain length of time, you allow participation on a compliance-relief basis, and then slowly move to a full compliance.