At the end of February 2018, the Financial Action Task Force (FATF) launched the new FATF FinTech & RegTech initiative platform, to share information about national initiatives and developments relevant to FinTech and RegTech. The FATF policy is to strongly support responsible financial innovation in line with the FATF Standards to tackle money laundering and terrorist financing, and exploration of opportunities that new financial and regulatory technologies present for improving the effective implementation of AML/CFT measures.
Engagement with the FinTech and RegTech Community is one of the priorities for the FATF. FATF has organised a number of roundtables, meetings and fora involving representatives from this community, to develop a constructive dialogue. Whilst only in its infancy, it is intended that the FinTech/RegTech platform will become a repository of information relating to the topic, highlight useful innovations and will encourage dialogue between the relevant government departments, regulators and private sector actors. There may be some interesting approaches and lessons to learn for legal regulators from this initiative.
If you are interested in finding out more contact the team working on FinTech and RegTech at the FATF Secretariat: fintech@fatf-gafi.org