Data Pooling, Collaborative Analytics and Data Protection
Technology is a huge part of modern day life and with computers becoming more powerful, financial institutions can analyse more and more data. FATF have produced a stocktake which examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection.
This technology is so important because data pooling and collaborative analytics can help financial institutions better understand, assess and mitigate money laundering and terrorist financing risks. This will make it easier, more dynamic, effective and efficient to identify these activities. It can reduce the number of false positives, enabling the private sector to comply in a timelier and less burdensome manner.
New technology can increase user privacy and protect more information that is in line with international and national data protection laws. This technology is intended to enable multiple parties to interact meaningfully to achieve an application goal, without revealing underlying private information to one another or to third parties.
Link to the report
