Opportunities and Challenges of New Technologies for AML/CFT

This report identifies emerging and available technology-based solutions.  It highlights the necessary conditions, policies and practices that need to be in place to successfully use these technologies to improve the efficiency and effectiveness of AML/CFT.  The report also examines the obstacles that could stand in the way of successful implementation of new technology. 

https://www.fatf-gafi.org/publications/fatfrecommendations/documents/opportunities-challenges-new-technologies-for-aml-cft.html

Stocktake on Data Pooling, Collaborative Analytics and Data Protection

This report says that technological advances in recent years allow financial institutions to analyse large amounts of structured and unstructured data more efficiently and identify patterns and trends more effectively.  This report examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities.  It also looks at technologies that allow collaborative analytics between financial institutions, while respecting national and international data privacy and protection legal frameworks.  Through a questionnaire, engagement with public and private sector experts, and a review of case studies, the stocktake examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection.  This report also includes an analysis of the intended objectives and drivers for the use of these new technologies and identifies policy considerations and potential solutions raised by questionnaire respondents and experts when considering or deploying such technologies. This report acknowledges that AML/CFT and data privacy and protection are both significant public interests that serve important objectives, which are neither in opposition nor inherently mutually exclusive.

https://www.fatf-gafi.org/publications/digitaltransformation/documents/data-pooling-collaborative-analytics-data-protection.html?hf=10&b=0&s=desc(fatf_releasedate)

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On 2 July, KYC 360 reported that the list, known as the Engel List, was created as a list of high-profile individuals regarded as corrupt in the “Northern Triangle” countries of El Salvador, Honduras and Guatemala.  The officials will have any US visas revoked and will be unable to enter the US. 

https://www.riskscreen.com/kyc360/news/central-american-officials-blacklisted-by-u-s-as-part-of-corruption-crackdown/

The list of names is at –

https://www.state.gov/u-s-releases-section-353-list-of-corrupt-and-undemocratic-actors-for-guatemala-honduras-and-el-salvador/

https://www.state.gov/u-s-releases-section-353-list-of-corrupt-and-undemocratic-actors-for-guatemala-honduras-and-el-salvador/

https://www.state.gov/reports/353-corrupt-and-undemocratic-actors-report/

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On 1 July, Switzerland announced that it had modified the list of persons annexed to the ordinance on measures against Myanmar. 4 individuals and 4 entities have been added and the change came into force at 6 pm on 1 July. The names are Lieutenant General Soe Htut, Lieutenant General Tun Tun Naung, Win Shein, Colonel Khin Maung Yi, Admiral Tin Aung San, Thida Oo, Major General Aung Lin Tun and Brigadier-General Zaw Min Tun; and the entities are Myanmar Gems Enterprise, Myanmar Timber Enterprise, Forest Products Joint Venture Corporation Limited and Myanmar War Veterans Organization.

https://www.seco.admin.ch/seco/en/home/seco/nsb-news.msg-id-84293.html

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