Fatf recommendations related to new technologies

Here are some FATF (Financial Action Task Force) recommendations related to new technologies:

1. Virtual Currencies (VCs): FATF recommends that countries regulate VCs, including cryptocurrencies like Bitcoin, to prevent their use for money laundering and terrorist financing.
2. Initial Coin Offerings (ICOs): FATF recommends that countries regulate ICOs, which are used to raise funds through the sale of digital tokens, to prevent their use for money laundering and terrorist financing.
3. Decentralized Finance (DeFi): FATF recommends that countries regulate DeFi, which includes decentralized lending, borrowing, and trading platforms, to prevent their use for money laundering and terrorist financing.
4. Cryptocurrencies and Blockchain: FATF recommends that countries regulate the use of cryptocurrencies and blockchain technology to prevent their use for money laundering and terrorist financing.
5. Electronic Payment Systems: FATF recommends that countries regulate electronic payment systems, including mobile payment systems, to prevent their use for money laundering and terrorist financing.
6. Online Gaming: FATF recommends that countries regulate online gaming to prevent its use for money laundering and terrorist financing.
7. E-commerce: FATF recommends that countries regulate e-commerce to prevent its use for money laundering and terrorist financing.
8. Digital Identity: FATF recommends that countries regulate digital identity verification to prevent its use for money laundering and terrorist financing.
9. Artificial Intelligence (AI) and Machine Learning (ML): FATF recommends that countries regulate the use of AI and ML in financial services to prevent their use for money laundering and terrorist financing.
10. Cloud Computing: FATF recommends that countries regulate cloud computing to prevent its use for money laundering and terrorist financing.

Some specific recommendations include:

• Implementing customer due diligence (CDD) and ongoing monitoring of customers who use new technologies
• Conducting regular risk assessments of new technologies and updating AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) policies accordingly
• Regulating the use of new technologies by financial institutions and other businesses
• Implementing effective reporting and record-keeping requirements for transactions involving new technologies
• Providing training and guidance to financial institutions and other businesses on the use of new technologies
• Encouraging international cooperation and information sharing to combat money laundering and terrorist financing in the context of new technologies.

These recommendations are intended to help countries prevent the misuse of new technologies for money laundering and terrorist financing, while also promoting the safe and secure use of these technologies.