Systemic risk factors in the implementation of digital technologies to anti-money laundering: identification, ranking and regulatory measures

Digital products have the potential to make anti-money laundering and counter-terrorist financing operations less costly, more efficient and significantly faster, ensure high-quality compliance with the Financial Action Task Force Standards and improve cross-border cooperation. This enables financial institutions to provide services to a greater number of economic entities. Therefore, the global anti-money laundering system is widely introducing innovative digital technologies to provide prompt and reliable information about economic entities and their operations by significantly increasing the volume of processed data. However, their use is associated with regulatory or operational systemic risks. The purpose of the study is to identify risk factors and measures to regulate them for systemic risks, as well as to systematize and rank them by importance. Such ordering provides grounds for the appropriate distribution of resources used to influence risk factors. The level of risks, risk factors and measures for their regulation are assessed on the basis of a risk-oriented approach using surveys of authoritative organizations, research by specialists and regulatory documents.