Opportunities and Challenges of New Technologies for AML/CFT

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New technologies can improve the speed, quality and efficiency of measures to combat money laundering and terrorist financing. They can help financial institutions and supervisors, assess these risks in ways that are more accurate, timely and comprehensive. When implemented using a responsible and risk-based approach, 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.

This report identifies emerging and available technology-based solutions. The report 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. 

New technologies for AML/CFT refer to:

  1. innovative skills, methods, and processes that are used to achieve goals relating to the effective implementation of AMLCFT requirements or
  2. innovative ways to use established technology-based processes to comply with AML/CFT obligation

 

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Ukranian-Opportunities and Challenges of New Technologies for AML/CFT

Russian: Opportunities Challenges New Technologies

 

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Suggested-actions-New-Technologies-AML-CFT.pdf
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This project’s findings led to FATF member’s adoption of a set of suggested actions for government authorities to advance the responsible development and use of new technologies for AML/CFT. 

  • Create an enabling environment by both government and the private sector for responsible innovation to enhance AML/CFT effectiveness
  • Ensure Privacy and Data Protection when implementing new technologies
  • Promote AML/CFT innovation which supports financial inclusion by design
  • Develop and communicate policies and regulatory approaches to innovation that are flexible, technology-neutral, outcomes-based and in line with the risk-based approach
  • Exercise informed oversight
  • Promote and Facilitate Cooperation

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Arabic - Suggested Actions to support the Use of New Technologies for AML/CFT

translation provided by the AMLPC Secretariat, Saudi Arabia

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Opportunities-Challenges-of-New-Technologies-for-AML-CFT.pdf
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In brief:  Opportunities and Challenges of New Technologies for AML/CFT

Stocktake Data Pooling

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.

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