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Project Summary: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
Author:
Ms. Grace Jackson
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Maksym Markevych
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Antoine Bouveret
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Pierre Bardin
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Alexander S Malden
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Santiago Texidor Mora
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Indulekha Thomas
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Series:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2023: Issue 012
Language:
English
Publication Date:
04 Sep 2023
DOI:
https://doi.org/10.5089/9798400253997.029
ISBN:
9798400253997
ISSN:
2959-4103
Pages:
5
Keywords:
Anti-Money Laundering; Combatting the Financing of Terrorism; Money Laundering Shocks; Financial Stability; Illicit Financial Flows; Machine Learning; and Risk-Based Supervision
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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.
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Cover High-Level Summary Technical Assistance Reports
High-Level Summary Technical Assistance Reports
ISSN:
2957-658X
Publisher:
International Monetary Fund