This page shows a collection of national initiatives and developments relevant to FinTech and RegTech. This page will be updated on a regular basis with content from FATF members and observers, and members of FATF-style regional bodies (FSRBs).
The content of this page does not reflect the opinion of the FATF. The responsibility for the information and views expressed in the different presentations and videos lies entirely with their authors.
Alexandre-Nicholas Rodriguez-Vigouroux from the FATF Secretariat explains more about the platform for the FATF FinTech & RegTech Initiative.
For more information:
RD Golo Trauzettel
Federal Financial Supervisory Authority (BaFin) Germany,
Tel. +49 (0)228 / 41 08-30 13
Indonesia’s Measures to prevent Fintech from abusing Money Laundering and Terrorist Financing
The presentation consists of Indonesia's Measures in preventing FinTech from abusing ML and TF. Since 2016, Indonesia already has regulations in place relating to FinTech, in particular FinTech Payment and FinTech Lending. Those regulations already exclude the obligation for FinTech to implement AML/CFT Requirements. The presentation also describes in detail the policy that FinTech should implement to prevent themselves from abusing ML and TF. The explanation focusses on 7 (seven) areas, namely (i) CDD; (ii) record keeping; (iii) PEPs; (iv) new technologies; (v) reliance on third parties; (vi) internal controls; and (vii) higher-risk countries. Indonesia's measures to prevent ML and TF in FinTech also include the requirement to use financial institution accounts to support LEAs to trace assets, and the requirement to do a “fit and proper” test for the owner and beneficial owner of the FinTech at its entry in the market. In 2017, Indonesia established a regulatory sandbox for FinTech, specifically FinTech Payment.
Based on global understanding of the potential uses of artificial intelligence (AI) in FinTech, Indonesia also sees the benefit of it, such as (i) Accurate Decision-making; (ii) Automated Customer Support; (iii) Fraud detection and Claims Management; (iv) Insurance Management; (v) Automated Virtual Financial Assistants; (vi) Predictive analysis in Financial Services; and (vii) Wealth Management for Masses. Indonesia also identified the vulnerability of FinTech that potentially makes an entity of FinTech as a high risk, namely: dependent on database only, potential cyber attacks, lack of adequate system to maintain big data, depending on AI, and inaccurate algorithms. Indonesia also provides a brief policy that has been made related to virtual currency.
International Monetary Fund (IMF)
This page groups the various strands of IMF work on the implications of emerging technologies for financial stability, regulation and monetary policy.
The International Monetary Fund (IMF) is an international organisation that has an observer status with the FATF. The IMF contributes to the global AML/CFT effort.
European Commission – A Public-Private Expert Group
The presentation gives an overview of the establishment of an Expert Group on electronic identification and remote KYC (CDD) processes. (Commission Decision C(2017) 8405).
The decision sets out a number of tasks for this Expert group that brings together public experts on AML/CTF, technical experts, supervisors and experts from the private sector (financial institutions/banks) and consumer organisations. The Experts have identified two priority areas on which work has started. The Decision to establish this Expert Group applies until 31 December 2019.