FATF: DIGITAL TRANSFORMATION OF AML/CFT

On 27 October, FATF published 3 reports saying that it is exploring the opportunities that technology can offer to improve AML/CFT efforts.

  1. The opportunities and challenges of new technology to help the private sector and supervisors implement AML/CFT measures more efficiently

This FATF project aims to increase awareness of and identify opportunities to leverage emerging and existing technology-based solutions.  It identifies the conditions, policies and practices that can help support the adoption of new technologies that contribute to the efficiency and effectiveness of AML/CFT.  It also examines regulatory obstacles or other factors impeding the successful adoption of new technologies.

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

2. 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

This project 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.

https://www.fatf-gafi.org/publications/digitaltransformation/documents/data-pooling-collaborative-analytics-data-protection.html

3. The role of big data and advanced analytics in transforming the capabilities of operational agencies in detecting and investigating money laundering and terrorist financing and understanding money laundering/terrorist financing risks.

This project will help operational agencies to harness technology to strengthen their operational capability and resilience. It focuses on the questions of how to identify appropriate tools and technologies, and optimise their use at different stages of the AML/CFT workflow. It examines how to remove barriers to any successful digital transformation. It also covers issues concerning secured, effective, and efficient data communication and information sharing within public sector, and between public and private sectors. 

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

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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