Mariya Shcherbakova, Head of Reporting Entities Risks Monitoring Department, Supervisory Activities Department of the Federal Financial Monitoring Service, took part in a joint training seminar organized by the Middle East and North Africa Financial Action Task Force (MENAFATF) and the Arab Monetary Fund.
The Risk-based Approach and Risk Assessment Mechanisms for Financial Institutions seminar was held from September 22 to 26 in Abu Dhabi (United Arab Emirates).
The event focused on deepening participants’ understanding of the risk-based AML/CFT approach framework, and on methodologies for identifying and evaluating sectoral risks in the financial industry. Attendees also explored modern technological solutions and analytical tools designed to enhance risk management and supervisory processes.
Ms. Shcherbakova spoke at the Technological Tools of Supervision: The Use of Artificial Intelligence and Big Data Analysis session. Her address highlighted several digital innovations developed by the Federal Financial Monitoring Service to strengthen communication between supervisory authorities and the private sector. These include the personal account system, the automated remote monitoring system, and the use of big data technologies to assess the quality and reliability of information flows.
“Expert opinion continues to play an important role in supervisory activities. Artificial intelligence is a powerful tool; however, at its current stage of development, it can only complement analysts’ work and cannot fully replace human expertise,” Ms. Shcherbakova noted.
She also presented an example of effective public-private partnership – the Transparent Blockchain digital service, designed to monitor cryptocurrency transactions.
