The Financial Action Task Force (FATF) has published a report on how new technologies can improve the speed, quality and efficiency of anti-money laundering and counter financing of terrorism (AML/CFT) efforts.
The task force says technologies can help financial institutions and supervisors assess AML/CFT risks in ways that are more accurate, timely and comprehensive.
When implemented using a responsible and risk-based approach, the FATF believes new technologies and innovative products and services can also improve financial inclusion, bringing more people into the regulated financial system and thereby reinforcing the effectiveness of AML/CFT measures.
Scope
The report, Opportunities and Challenges of New Technologies for AML/CFT, identifies emerging and available technology-based solutions and 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 efforts.
It also examines the obstacles that could stand in the way of successful implementation of new technology.
New technologies defined
The FATF says new technologies for AML/CFT can refer to innovative skills, methods, and processes that are used to achieve goals relating to the effective implementation of AML/CFT requirements.
New technologies can also apply to innovative ways to use established technology-based processes to comply with AML/CFT obligations.
The FATF’s report, Opportunities and Challenges of New Technologies for AML/CFT can be found here.
Categories: Trade Based Financial crimes News
Related Articles
-
IMF urges Uganda to exit FATF grey list or jeopardise correspondent relationships and destabilise the financial system
-
FATF warns of international transfer scams using its own name
-
OECD countries responsible for most corporate tax losses, so move global tax leadership to UN says TJN
-
Sri Lanka’s customs expands international information exchange network to curb TBML