FATF SAYS USEFUL AML/CFT NEW TECH MUST BE EMPLOYED RESPONSIBLY TO REDUCE SOCIETAL HARM
July 1st, 2021
The Financial Action Task Force (FATF) has released two detailed reports that encourage AML regulators and reporters to embrace new data collection and analysing technologies, but mind the potential impact on civil society caused by their widespread adoption.
A broader report assessing the potential of new tech, including data processing and artificial intelligence-driven systems, signalled that the global body may adapt its guidance on tech: “There is room for improvement in the relationship between FATF standards and digital transformation.”
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