EU AML/CFT SupTech not there yet, finds EBA

The new model of anti-money laundering supervision in the European Union (EU), which seeks greater consistency of approach and coordination under AMLA - the Anti-Money Laundering and Countering the Financing of Terrorism Authority - will rely heavily on IT innovation and data compatibility, but AML/CFT supervisory technology (SupTech) in national competent authorities is still "at an early stage", according to the European Banking Authority (EBA).

The new model of anti-money laundering supervision in the European Union (EU), which seeks greater consistency of approach and coordination under AMLA - the Anti-Money Laundering and Countering the Financing of Terrorism Authority - will rely heavily on IT innovation and data compatibility, but AML/CFT supervisory technology (SupTech) in national competent authorities (NCAs) is still "at an early stage", according to the European Banking Authority (EBA).