FATF JULY 2021 - STOCKTAKE ON DATA POOLING,COLLABORATIVE ANALYTICS AND DATA PROTECTION
07/07/2021
Data pooling and collaborative analytics, refers to a process where (digital) data from different sources are analysed (including by multiple parties). These pools may be organised in a centralised (data pooling) or a distributed way (collaborative analytics).
This paper addresses data pooling and collaborative analytics between financial institutions (FIs), including within and outside international financial groups. Data pooling and collaborative analytics carry benefits but also some significant risks.
It may enable the use of analytical tools that have the potential to strengthen the shared understanding, assessment and mitigation of money laundering (ML) and terrorist financing (TF) risks, resulting in a more dynamic, effective and efficient identification of these activities.
It can reduce the number of false positives, enabling more effective compliance by the private sector in a timelier and less burdensome manner. It can also help prevent the exploitation of information gaps that enable regulatory arbitrage by criminals, who may attempt to engage with multiple domestic and international FIs, each having a limited and partial view of transactions.
However, it may also infringe on the protection of individual and fundamental rights. Therefore, it is imperative that any exchange of information respects national and international data protection and privacy (DPP) legal frameworks.
FULL REPORT = https://www.fatf-gafi.org/media/fatf/documents/Stocktake-Datapooling-Collaborative-Analytics.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.