In recent years, there have been numerous efforts within the compliance community to begin to work more collaboratively. In 2014, the UK established the Joint Money Laundering Intelligence Taskforce (JMLIT). It brought together banks, law enforcement, and the UK regulator in both operational and strategic environments to collectively tackle money laundering, terrorist financing and associated threats. In the US last year, the FinCEN Exchange program was fully established as part of the AML Act of 2020. Its remit is to enable innovative public-private information sharing to assist the private sector in better identifying risks and to help prevent money laundering, organized and other financial crimes, and terrorist financing.
What would we look to get out of such partnerships? What technology and data could be shared, and how could it be effective? Could such a database become a shared “risk intelligence” platform among all regulated firms, providing insights into detection and screening methods and their effectiveness as well as emerging risk trends, and could it act as an “early warning system” of a new fraud method or bad actor?
Watch as we discuss the aim of data sharing in the risk space, the technology that could enable it, and the legal hurdles that may arise.
Head of Technical Solutions