High-Level Summary Technical Assistance Reports

Project Summary:: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability

By Grace Jackson, Maksym Markevych, Antoine Bouveret, Pierre Bardin, Alexander S Malden, Santiago Texidor Mora, Indulekha Thomas

September 4, 2023

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Grace Jackson, Maksym Markevych, Antoine Bouveret, Pierre Bardin, Alexander S Malden, Santiago Texidor Mora, and Indulekha Thomas. "Project Summary:: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability", High-Level Summary Technical Assistance Reports 2023, 012 (2023), accessed December 21, 2024, https://doi.org/10.5089/9798400253997.029

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Summary

This paper focuses on the summary of Nordic-Baltic Regional Technical Assistance Project Financial Flows Analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. Various international banking scandals concerning AML/CFT breaches have taken place in the Nordic Baltic region, with far-reaching financial and reputational consequences. Financial integrity issues could potentially present risks to financial stability in the short and medium term. The depth of geographic ML/TF risk analysis and understanding differs among the Nordic-Baltic countries. There has been clear investment in ML/TF risk models across the region, but some gaps remain, notably, advanced data collection and analysis. Quantifying the financial stability impact of money laundering shocks is an understudied area. AML/CFT regimes in the region would benefit from better understanding of the ML threats associated with cross-border financial flows and nonresident activities. In order to address cross-border AML vulnerabilities, efforts to enhance the supervisory understanding of ML risks, strengthen the risk-based supervision of banks and crypto asset service providers, and deepen cooperation should continue.

Subject: International organization, Monetary policy

Keywords: And Risk-Based Supervision, Anti-Money Laundering, Combatting the Financing of Terrorism, Financial Stability, Illicit Financial Flows, Machine Learning, Money Laundering Shocks

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