The FCA has shared a number of useful resources on how the financial services industry can use new technologies to support AML compliance, particularly in the area of client due diligence (CDD).
- In August 2017, the FCA published a report undertaken by PA Consulting on emerging technologies with potential for enhancing financial firms’ work to detect and prevent money laundering, and for helping make the UK a hostile environment for criminals’ money. The sections on ‘customer onboarding and maintenance’ and ‘client screening’ are most relevant.
- The FCA has set out clear expectations about the use of technology within the financial services industry through recent speeches by senior managers to industry forums.
- In May 2018, the FCA ran a AML and Financial Crime International TechSprint looking at how new technologies can be used to more effectively combat money laundering and financial crime.