The Egmont Group of Financial Intelligence Units and the Financial Action Task Force (FATF) have jointly published a report on digital tools used by financial intelligence units (FIUs) and other operational agencies.
Digital Transformation of AML/CFT for Operational Agencies: Detection of Suspicious Activities and Analysis of Financial Intelligence Phase 1 report is based on the premise that technology has immense potential to increase the efficiency of anti-money laundering and counter financing of terrorism (AML/CFT) workflows and the effectiveness of AML/CFT efforts.
In recent years, operational agencies across the FATF and the Egmont Group, regardless of their development and size, have been incorporating different digital tools to assist their operational efforts.
These tools range from automation to the use of large datasets, big data and advanced analytics such as artificial intelligence and machine learning.
Guidance for agencies
The joint Egmont Group-FATF report on digital transformation offers guidance to operational agencies on finding the right digital tools and when to introduce and optimise them for AML/CFT purposes.
Introducing digital initiatives can bring immense opportunities to solve day-to-day challenges in the detection of suspicious activities and analysis of financial intelligence.
The report also offers the key drivers and strategic considerations that are instrumental in jumpstarting any digital initiative.
The executive summary of the Digital Transformation of AML/CFT for Operational Agencies: Detection of Suspicious Activities and Analysis of Financial Intelligence Phase 1 report can be found here.
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