Joint Programme

Horizontal Facility

In an effort to facilitate the exchange of information at the regional level on managing money laundering and terrorist financing risks associated with innovative technologies in financial services, a regional workshop was organised in Strasbourg with the support of EU and Council of Europe.

The event brought together the anti-money laundering supervisors and other competent authorities from the Western Balkans region and their peers from the EU Member States. They discussed the risks linked to entities that use technology both to deliver financial services and to implement controls to detect, prevent and disrupt financial crimes. The event provided a platform for participants to canvass the main challenges in understanding the risk profile of these entities and the risk drivers that increase exposure to financial crime while exploring the measures that can be used to mitigate those risks.

This is especially important as the financial services industry continues to innovate, introducing new technology-enabled products and services that, while increasing accessibility, also introduce new financial crime risks. The rapid pace of innovation, reliance on non-face-to-face access or delivery of services, and the complexity of systems involved have made it increasingly challenging for anti-money laundering and counter-terrorist financing (AML/CFT) supervisors to adapt their oversight to fully address these evolving threats.

As the industry increasingly relies on technology for ensuring  compliance with AML/CFT requirements, the need for enhanced expertise and oversight has become essential. This is necessary to ensure these technologies effectively mitigate financial crime risks and provide robust safeguards against emerging threats.

By fostering dialogue and knowledge-sharing, the regional workshop aimed to enhance the capacity of competent authorities in the Western Balkans to effectively oversee such sector participants on a risk-basis and prevent exploitation of these technologies for money laundering and terrorist financing.

Organised by the Council of Europe within the joint program of the European Union and the Council of Europe, "Horizontal Facility for the Western Balkans and Türkiye", the workshop is part of the action against economic crime in the Western Balkans which supports the institutions in the region in their anti-corruption and anti-money laundering policy and operational responses, in line with European standards and good practices.