FATF AND THE DIGITAL TRANSFORMATION OF AML/CFT

On 2 June, FATF issued a news release highlighting its work in this area, identifying 3 ongoing projects –

  • opportunities and challenges of new technology to help the private sector and supervisors implement AML/CFT measures more efficiently;
  • the role of data pooling, collaborative analytics and data protection, taking stock of technologies that facilitate advanced AML/CFT analytics within regulated entities or collaborative analytics between financial institutions, while respecting national and international data privacy and protection legal frameworks; and
  • making more efficient systems for operational agencies to detect and investigate money laundering and terrorist financing and understanding risks.

https://www.fatf-gafi.org/publications/digitaltransformation/digital-transformation.html?hf=10&b=0&s=desc(fatf_releasedate)

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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