National regulators in the EU see clear benefits in using artificial intelligence and other new technologies in anti-money laundering related supervision but seem only “Moderately prepared” to fully integrate them, the European Banking Authority has found.
In an 8-page report Tuesday, the EBA noted that most of the bloc’s national AML supervisors have either trialed or already deployed at least one of roughly 60 innovative tools underpinned by 13 distinct technologies and capabilities, including blockchain analytics, natural-language processing, cloud computing and AI.
Jekaterina Govina, former head of supervision at the Bank of Lithuania, told ACAMS moneylaundering.com in an email that the report makes for damning reading for national regulators, particularly in the light of the financial services industry’s “rapid” adoption of comparable technology.
“What worries me most is … the interoperability of suptech [supervisory technology] between different regulators, [who] seem to be stuck in [the] exploration stage,” Govina, now a co-founder of Amlyze, an anti-financial crime advisory in Vilnius, wrote.
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