Financial Action Task Force
Data protection, technology and private sector information sharing - FATF publishes report - 20 July 2022
The Financial Action Task Force (FATF) has published a non-binding report on partnering in the fight against financial crime (the Report), which focuses on data protection, technology and private sector information sharing. The Report complements the FATF’s July 2021 Stocktake on ‘Data Pooling, Collaborative Analytics and Data Protection’, which highlights the need for greater regulatory clarity, promotion of enabling environments, data standardisation and governance, and bias prevention in artificial intelligence for more effective anti-money laundering (AML), countering the financing of terrorism (CFT) and counter-proliferation financing (CPF) information sharing within an appropriate data protection and privacy (DPP) framework, both internationally and nationally.
The Report sets out recommendations designed to help jurisdictions responsibly enhance, design and implement information collaboration initiatives among private sector entities, in accordance with DPP rules, so that the risks associated with increased sharing of personal data are appropriately taken into account. The Report also considers global AML/CFT/CPF requirements, and how responsible private-to-private collaboration can contribute to their effective implementation. It also introduces the DPP principles and objectives that stakeholders should (or must) consider when designing private sector collaboration initiatives.
The FATF recognises that there is no one-size-fits-all solution that addresses all AML/CFT/CPF and DPP objectives for all financial institutions globally.
FATF Report: Partnering in the fight against financial crime: Data protection, technology and private sector information sharing
See also the Enforcement section for an item on an FCA Final Notice relating to financial crime control failings.