Company
Date Published
Author
Ronen Cohen
Word count
1168
Language
English
Hacker News points
None

Summary

Participants in recent Financial Action Task Force (FATF) roundtable events discussed the responsible adoption of new technologies to enhance Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) processes, focusing heavily on Privacy-Enhancing Technologies (PETs) for financial intelligence sharing while maintaining privacy compliance. Emerging technologies, such as homomorphic encryption, were highlighted for their potential to facilitate secure, cross-border collaboration without compromising privacy or regulatory standards. It was noted that while technology is not a standalone solution, its integration with strong data governance can significantly improve personalized customer interactions and compliance. Regulators were urged to drive technology adoption through incentives, risk reduction measures, and harmonization across jurisdictions, addressing the current regulatory ambiguity in intelligence sharing. The necessity for regulatory clarity was emphasized, specifically concerning what data can be shared, with whom, and under what circumstances, to overcome barriers to global cooperation in the financial sector.