Publication of the joint EG-FATF Digital Transformation Report

The Egmont Group’s IEWG is proud to announce the publication of the joint EG-FATF Digital Transformation of AML/CFT for Operational Agencies:  Detection of Suspicious Activities and Analysis of Financial Intelligence Phase 1 report.

Technology has immense potential to increase the efficiency of anti-money laundering (AML) and counter-terrorist financing (CFT) workflows and the effectiveness of AML/CFT efforts.

In recent years, operational agencies across the Financial Action Task Force (FATF) Global Network and the Egmont Group of Financial Intelligence Units (Egmont Group), regardless of their development and size, have been incorporating different digital tools to assist their operational efforts. These tools range from automation to the use of large datasets, big data and advanced analytics such as artificial intelligence (AI) and machine learning.

The joint Egmont Group-Financial Action Task Force report on Digital Transformation offers guidance to operational agencies on finding the right digital tools and when to introduce and optimise them for AML/CFT purposes.   Introducing digital initiatives can bring immense opportunities to solve day-to-day challenges in the detection of suspicious activities and analysis of financial intelligence.  The report also offers the key drivers and strategic considerations that are instrumental in jumpstarting any digital initiative.

To learn more about digital transformation in the detection of suspicious activities and the analysis of financial intelligence, access the Executive Summary of the report here .