Financial institutions are equipped with modern technology to analyse big data, both structured and unstructured, more efficiently. The FATF has published a report that discusses commercially available and upcoming technologies that can help regulated entities perform advanced AML/CFT analytics. The report also highlights technologies that can facilitate collaborative analytics across agencies and borders while heeding all applicable data privacy and protection laws.
The FATF report places special emphasis on information sharing and collaborative analytics. This is because such efforts can help financial institutions better assess and address their ML/TF risks. Collaborative analytics can also keep financial criminals from taking advantage of lack of prompt and transparent information exchange between agencies and countries. At the same time, the FATF emphasizes that data privacy and individual protection are paramount during such collaborative efforts.
Cryptography-based privacy-enhancing technologies can help protect information in specific scenarios as guided by national and international laws. Such technologies allow interaction between various parties, but without uncovering private information to each other or to a third party.
Source: FATF