The European Banking Authority (EBA) has published a report on the use of SupTech tools in anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, as well as a press release. In November 2024, the EBA surveyed competent authorities on their use of SupTech tools and in January 2025, a workshop was held on AML/CFT SupTech. The EBA's report provides its findings from both programs, considers the current use of SupTech tools at EU level and how the tools are implemented. The EBA concludes that SupTech tools can improve the effectiveness of AML/CFT supervision and competent authorities have identified benefits such as enhanced collaboration, improved data quality and analytics, and the ability to scale supervision under the new EU AML/CFT framework, particularly with the establishment of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, known as AMLA. Poor data quality and governance, limited resources, legal uncertainty, operational risks, and friction related to institutional transformation are recognised as potentially impeding progress. Various good practices have emerged, including promoting a digital-first culture, adopting structured change management strategies, enhancing data governance and interoperability and leveraging synthetic data to safeguard privacy.
[View source.]
