FATF JULY 2021 - Opportunities and Challenges of New Technologies for AML/CFT
New technologies can:
- Improve the speed, quality and efficiency of measures to combat money laundering and terrorist financing.
- 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.
New technologies for AML/CFT refer to:
- Innovative skills, methods, and processes that are used to achieve goals relating to the effective implementation of AMLCFT requirements or
- Innovative ways to use established technology-based processes to comply with AML/CFT obligation
The FATF report
- Identifies emerging and available technology-based solutions.
- 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.
- Examines the obstacles that could stand in the way of the successful implementation of new technology.
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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