New BAFT whitepaper discusses financial crimes concerns

The whitepaper also explores the evolving landscape of digital currencies and their implications in anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. Digital currencies continue to gain traction, with several countries and organisations across the globe adopting them or on the verge of doing so. However, they continue to pose serious potential risks associated with their use in illicit activities, including financing terrorism and other types of financial crimes.

More about BAFT’s latest whitepaper

The whitepaper discusses several key areas, including an overview of digital currencies, risks and challenges, the current regulatory landscape, and potential technological solutions that can be implemented to further reduce the risks associated with AML and CTF.

At the same time, BAFT examines the benefits of a collaborative approach to handling financial crimes that might occur through the implementation of digital currencies and stresses on the importance of a strong partnership between financial institutions, regulatory authorities, law enforcement agencies, and tech providers.

Looking into the future, BAFT’s latest paper discusses the role of technology in further providing a safe space for digital currencies to thrive, focusing on advanced analytics, blockchain analytical tools, artificial intelligence (AI), and the use of machine learning (ML) algorithms.

What you need to know about BAFT

The global financial services association for international transaction banking delivers high-end solutions across financial institutions, service providers, and the regulatory community. It is a forum for discussions on all financial things relates and provides a series of tools to enhance the collaboration between solution providers and stakeholders on how to define best market practices that can further deliver efficient cash management products.