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Europe > Iceland

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Cover High-Level Summary Technical Assistance Reports
Project Summary: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
Ms. Grace Jackson
,
Maksym Markevych
,
Antoine Bouveret
,
Pierre Bardin
,
Alexander S Malden
,
Santiago Texidor Mora
, and
Indulekha Thomas
This paper focuses on the summary of Nordic-Baltic Regional Technical Assistance Project Financial Flows Analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. Various international banking scandals concerning AML/CFT breaches have taken place in the Nordic Baltic region, with far-reaching financial and reputational consequences. Financial integrity issues could potentially present risks to financial stability in the short and medium term. The depth of geographic ML/TF risk analysis and understanding differs among the Nordic-Baltic countries. There has been clear investment in ML/TF risk models across the region, but some gaps remain, notably, advanced data collection and analysis. Quantifying the financial stability impact of money laundering shocks is an understudied area. AML/CFT regimes in the region would benefit from better understanding of the ML threats associated with cross-border financial flows and nonresident activities. In order to address cross-border AML vulnerabilities, efforts to enhance the supervisory understanding of ML risks, strengthen the risk-based supervision of banks and crypto asset service providers, and deepen cooperation should continue.
Keywords:
Anti-Money Laundering; Combatting the Financing of Terrorism; Money Laundering Shocks; Financial Stability; Illicit Financial Flows; Machine Learning; and Risk-Based Supervision