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Publication of the Joint EG-FATF Digital Transformation Report

The Egmont Group’s Information Exchange Working Group (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 like artificial intelligence (AI) and machine learning.

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

Access the report’s Executive Summary here to learn more about digital transformation in detecting suspicious activities and the analysis of financial intelligence.

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