Digital transformation is a necessity. Not a good-to-have, not a nice-to-have, but an imperative if you are going to keep up and win against the criminals 

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

FATF aims to increase awareness of and identify opportunities to leverage emerging and existing technology-based solutions. The FATF published a report that identifies the conditions, policies and practices that can help support the development and adoption of new technologies that contribute to the efficiency and effectiveness of AML/CFT.

Opportunities and Challenges of New Technologies for AML/CFT

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.

FATF's work focused on the commercially available or emerging technologies that can facilitate advanced AML/CFT analytics within regulated entities.  It also explored how technologies can allow collaborative analytics between financial institutions, while respecting national and international data privacy and protection legal frameworks.

Stocktake on Data Pooling, Collaborative Analytics and Data Protection

The role of big data and advanced analytics in transforming the capabilities of operational agencies in detecting and investigating money laundering (ML) and terrorist financing (TF) and understanding ML/TF 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. 

Digital identity

A robust digital ID can allow individuals without a traditional identification to nonetheless have a robust form of identification to access financial services and improve financial inclusion.