Dialogue on FinTech and RegTech: Opportunities and challenges

Chairman’s Summary of Outcomes from the FATF Private Sector Consultative Forum, Vienna, 20-22 March 2017

Vienna, 22 March 2017 – The Financial Action Task Force (FATF) held a dialogue on FinTech and RegTech in Vienna on 20 March 2017, as part of the FATF Private Sector Consultative Forum. The dialogue was chaired by the FATF President, Mr. Juan Manuel Vega-Serrano.

This dialogue built upon the FATF’s previous engagement with the private sector at the Roundtable on FinTech and Regtech held in Paris on 18 February 2017. Participants in this dialogue included over 250 representatives from the private sector and FATF members and observers.

Recognising the opportunities that FinTech and RegTech present for the private sector and that innovation in FinTech and RegTech spans across many aspects of the financial system, participants discussed how different jurisdictions are approaching the regulation and supervision of FinTech and RegTech, keeping in mind AML/CFT concerns. Participants shared their views and experiences with regard to the opportunities provided by FinTech and RegTech that are related to FATF’s priorities, and also on the challenges faced by the private sector in this area.

Discussions included the use of biometric technology and centralised databases as a means of verifying customers’ identities, the development of artificial intelligence and machine learning towards more effective monitoring and screening systems for suspicious financial activity, as well as the benefits of technology to improve financial access and reduce reliance on cash payments through more efficient processes and lower costs. Participants noted the potential for technological innovation to assist the public and private sectors in meeting the FATF’s objectives of combating money laundering, terrorist financing and other related threats to the integrity of the international financial system, and suggested that all stakeholders consider how best to take advantage of useful developments in this field.

The FATF will hold a standalone event in the United States on 25-26 May 2017 to further engage the sector on their AML/CFT concerns and to explore how they can potentially contribute towards the FATF’s work going forward.




    Upcoming events

    EAG in the news

    Winners of the international drawing contest "Children against Terrorism" received prizes from the representatives of the State Control Committee Vyacheslav Reut, director of the Financial Monitoring Department of the State Control Committee, and Igor Sergeev, head of the Inspections and Human Resources Department, gave away prizes and certificates to the winners and runners-up of the drawing contest "Children against Terrorism" from among the students of the children and youth centre for supplementary education "Eureka" (Minsk).
    Financial intelligence officers and heads of compliance units in Kyrgyzstan's commercial banks took part in a round table discussion in Moscow entitled "Best AML/CFT Practice" Representatives of the State Financial Intelligence Service under the Government of the Kyrgyz Republic and the country's commercial banks (BTA Bank, Kyrgyz Investment and Credit bank, and Demir Kyrgyz International Bank) took part in a round table discussion entitled "Best AML/CFT Practice", held at the Moscow office of the International Training and Methodology Centre for Financial Monitoring on 5 December 2017 with the support of Rosfinmonitoring.
    UNODC Regional Programme-sponsored training workshop on "Cryptocurrencies and Electronic Evidence" was held from 27 November to 1 December 2017 in Tashkent (Uzbekistan) UNODC Regional Programme-sponsored training workshop on "Cryptocurrencies and Electronic Evidence" was held from 27 November to 1 December 2017 in Tashkent (Uzbekistan).
    All publications