Use in the EU of supervisory technology in anti-money laundering/countering the financing of terrorism (AML/CFT) supervision is evolving, but is still in its infancy, concluded the European Banking Authority (EBA) in its report published on Tuesday 12 August.
Most competent authorities are still in the exploratory or initial implementation phase, or have not yet begun to use them. According to the EBA, to be effective, the transition to fully integrate these technologies into AML/CFT supervision must address challenges such as data quality issues, resource constraints, legal uncertainties and friction associated with institutional transformation.
In addition, this technology must be adapted to each supervisory authority’s specific needs, with tools designed to align with operational realities and supervisory objectives. The EBA stressed that the European AML/CFT Authority (AMLA) can play a central role in promoting collaboration, standardisation and support for joint initiatives.
Read the report: https://aeur.eu/f/i5c (Original version in French by Anne Damiani)