JOINT NDB/EAG/ITMCF WORKSHOP


Published At May 30, 2019

On May 29, 2019, the Workshop on Improvement of Financial Monitoring through the Use of New Technologies arranged jointly by the New Development Bank (NDB), the Eurasian Group on Combating Money Laundering and Financial of Terrorism (EAG) and the International training and Methodology Center for Financial Monitoring (ITMCFM) was held in Moscow on the margins of the 30th EAG Plenary Week.

The main topic discussed at the workshop was the application of new artificial intelligence-based technologies for improving the infrastructure of financial intelligence units and providing the AML/CFT competent authorities with special tools for investigation of crypto-currencies and block chain-related offences. This event brought together over two hundred representatives financial intelligence units, law enforcement and supervisory authorities, business communities, research and educational institutions of the EAG and BRICS-member countries.

Deputy Head of Rosfinmonitoring Mr. Vladimir Glotov, EAG Executive Secretary Mr. Sergei Teterukov and NDB Chief of Compliance Mr. Srivinas Yanamandra delivered the welcome addresses to the workshop participants.

Vladimir Glotov:
“The New Development Banks has contributed to enhancement of the global AML/CFT system for a number of years. Today, we make further step for developing and strengthening the cooperation among the Eurasian Group, BRICS and NDB … We are certainly interested in the practical aspects of the work pursued by the New Development Bank in the framework of its investment and infrastructure projects. In the long run, the NDB may play very important role in providing technical assistance in the process of preparation for mutual evaluations and drawing up progress reports. Today, the New Development Bank undertakes the sustained efforts for obtaining the EAG and FATF observer status. We are convinces that achievement of this goal will facilitate improvement of the global financial monitoring system”.

Sergei Teterukov:
“I wish to thank the representatives of the New Development Bank, Rosfinmonitoring and ITMCFM for their assistance in arranging this workshop. We encourage this approach of our partner organizations to holding joint events and consider it one of the formats that enable us to cooperate in the most fruitful way. I would also like to note that the Eurasian Group plans to adopt an ambitious technical assistance program and think that the New Development bank can participate in these efforts. The topic of this workshop is interested not just in and of itself, but also in the context of FATF priorities”.

Srivinas Yanamandra:
“I wish to thank the Russian Federation for the provided opportunity to take part in this workshop and also for the excellent organization of the EAG Plenary Week. The New Development Bank, established by the BRICS-member states, operates since 2015. We finance the infrastructure and sustainable development projects in the BRICS-member states and also in other developing markets and countries. The BRICS AML/CFT Councils serves as the mechanism of cooperation in the fight against money laundering and terrorist financing. This cooperation convinced us that the work in the capacity of the EAG and FAF observer is very promising and, therefore, we strive to obtain this status. We are ready to provide technical assistance and help the financial intelligence unit in developing and implementing new technologies”.

Structurally, the workshop included four topical sections:

  • New technologies and their potential application for committing financial crimes, and preventive measures
  • Use of artificial intelligence for enhancing financial intelligence effectiveness.
  • Investigation of crypto-currency related financial crimes
  • Environmental crime, money laundering and artificial intelligence

The workshop wrapped up with the adoption of the final declaration.

 

 

 

 

Final Declaration of Joint NDB/EAG/ITMCFM Workshop on Improvement of Financial Monitoring through the Use of New Technologies

 

May 29, 2019
Moscow (Russian Federation)

 

The participants of the joint NDB/EAG/ITMCFM Workshop on Improvement of Financial Monitoring through the Use of New Technologies noted the importance of extension of coordination and cooperation among the EAG and BRICS-member states for improving effectiveness of the national AML/CFT systems through the application of modern IT-technologies with the artificial intelligence elements.

For further development of cooperation and coordination, it is necessary to focus on the following:

  1. Consolidate the efforts undertaken by the international organizations, government authorities and business community, research and educational institutions for developing common approaches to understanding of new technologies-related risks and risk mitigation measures.
  2. Continue to discuss and elaborate measures in respect of activities and transactions with virtual assets for managing and mitigating the associated ML/TF risks.
  3. Promote further opportunities for productive, timely and ongoing information sharing in the ML/TF risk management context.
  4. Facilitate the development of innovative monitoring instruments for overseeing the prompt response measures taken for managing ML/TF risks associated with implementation of new financial technologies.
  5. Improve accessibility of information and training resources with application of new technologies (remote access with the use of web portals, mobile software, etc.).

 

In furtherance of the above, the joint workshop participants request the New Development Bank to consider provision of technical and/or financial assistance, in line with its mandate and internal policies, in researching new technologies, such as development of AI-based AML/CFT software and hardware, to reinforce the infrastructure of the national financial intelligence units with the innovative tools for investigating ML/TF offences.