FCA looks at new technologies and AML

FCA has published the results of a survey it commissioned on emerging technologies, and how they can help firms in their AML prevention work. Firms make significant use of technology, particularly in onboarding, analytics on client screening, and saw great potential in technology helping in transaction monitoring. FCA is keen to help firms use technology and innovation where possible. Firms appreciated this, but highlighted that they would like to see FCA reacting more quickly, for example, in updating its guidance to reflect new technologies. FCA has noted from the survey that technology has the potential to transform AML compliance, but that there are also currently considerable barriers to it working as well as it could.