Regional Conference of FIUs “Role of Fintech in AML/CFT policies” in Bratislava

Digital collage of finance-related images and a lock

GLOBSEC in cooperation with Financial Intelligence Unit of Police Force Presidium organised a two day regional conference in Bratislava bringing together representatives from Financial Intelligence Units from the V4 – Poland, Slovakia, Czech Republic and Hungary in addition to representatives from Austria, Slovenia and Ireland. The aim of the conference was to exchange information and opinions on the latest topics as suggested by Financial Intelligence Units (FIU) themselves. Special guests of the conference was Madame chairperson of the Moneyval committee Ms Elzbieta Frankow-Jaskiewicz and liaison officers of United Kingdom’s HMRC and Italy’s Guarda di Finanza, as well as representatives of Slovak Fintech sector.

The lively discussions that took place over two days was centred around Role of Fintech in AML/CFT[1] policies from the perspective of the Fintech industry and experience of cooperation of law enforcement authorities with FIUs at home and abroad with the added value of presence of Fintech experts.

The discussion about Building strategic analysis within FIUs revolved first and foremost in its utility. The trend of increased number of suspicious transactions reports is offset by their decreasing quality, the need to process strategic analysis is unquestionable. While not all FIU in the V4 region are supervising authorities some are and all have regular interaction with them. Therefore, an animated discussion took place on the topic of Designated non-financial businesses and service providers. Next on the agenda was a discussion on Criteria for selecting cases for FIU analysis of incoming XBDs/XBRs (cross border disseminations/ cross border reports). Some time was then spent discussing FIU experiences with International Sanctions mainly in connection with the current war situation in Ukraine. The conference ended with discussions on Trade based Money laundering and Money laundering cases using crypto vouchers.

Key takeaways:

Cooperation – mutual cross border cooperation was highlighted time and again as a key. Criminals as well as terrorists know no borders and no single FIU has the capacity to ‘go it alone’. Moreover, cooperation with obliged entities, private sector and namely Fintech as well as domestic law enforcement agencies is crucial.

Exchange of information – while the volume of cases has steadily increased the human capacities are and always will be limited. However using the most up-to-date systems and automation can help speed processes and enable better results in data analysis and information sharing among domestic stakeholders as well as partner FIUs.

[1] Anti Money Laundering/Countering the Financing of Terrorism