Financial Services Financial Services

Banks lack 'regulatory incentives' to adopt anti-money laundering tech, FATF warns

By Annie Robertson and Matthew Newman
  • 02 Jul 2021 10:33
  • 02 Jul 2021 10:33
Banks and major financial institutions lack the “regulatory incentives” to adopt and renew anti-money laundering technology, the Financial Action Task Force warned today.
Financial institutions often rely on legacy systems to identify and analyze suspicious trends in the market, which can lead to ineffective findings and delayed intervention.

"The complexities

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Matthew Newman

Chief Correspondent


Matthew Newman is a chief correspondent for MLex and writes about data protection, privacy, telecoms, cyber security and artificial intelligence. Matthew began his journalism career in 1991 in community newspapers. He worked as a reporter in Riga, Latvia in 1993 and then moved to Chicago where he covered local news. In 1995, he became a personal finance reporter for Dow Jones Newswires, and was then transferred to Brussels in 1999. He specialized in EU regulatory affairs, including trade and telecom issues. He began covering competition for Bloomberg News as an EU court reporter in 2004. In 2010, he was named spokesman for Viviane Reding, the EU’s justice commissioner. In January 2012, he helped launch the commission’s proposal to overall data protection rules.

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