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4/5/2022
AML regulatory analysis: real-time updates and requirements? Yes, with Daitomic
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How to get faster and more accurate impact analyses on anti-money laundering and counter-terrorism

Regulations on anti-money laundering and countering the financing of terrorism - known with the acronym “AML” - are continuously and constantly evolving, both in Italy and Europe and in the international context. Just think of the very recent and growing sanctions imposed on Russia by the European Union, through the modifications to the CFSP (Common Foreign Policy and Security), which obliged financial institutions to rapidly transpose and analyze the AML regulatory updates related to these changes. And more. The anti-money laundering and counter-terrorism regulatory area, mostly in Italy, is still adapting with respect to the European legal framework, and therefore it need a continuous regulatory compliance work. A complex activity, which now can become faster and more accurate. Daitomic, in fact, is the innovative RegTech platform that answers to this need, exploiting Artificial Intelligence to offer automated and real-time financial regulatory updates, including the field of anti-money laundering and countering the financing of terrorism.

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The legal framework on AML: international, European and Italian legislation

Combating money laundering and terrorist financing is essential to ensure a greater global security, the integrity of the financial system and a sustainable growth. The international regulatory framework on AML is represented at first by the forty Recommendations of the FATF (Financial Action Task Force, founded in 1989), the intergovernmental organization that drafted the “International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation”). Within the European Union, the anti-money laundering commitment started in the early 1990s and has generated, over the years, five Directives and various Measures. The fifth Directive EU/2018/843, currently in force, is the most recent and made specific updates to the provisions already introduced by the fourth Directive EU/2015/849. These two regulations enhance the European Union's prevention system, in line with the 2012 FATF Recommendations. Moving on to the Italian legislative framework on AML, today it is represented by the Legislative Decree 21 November 2007, no. 231, amended by the Legislative Decree 4 October 2019, n. 125 (for an exhaustive and detailed overview of the Italian AML legislation, please refer to this page of the Bank of Italy website). In addition, over the years, a series of Measures by BankIT have also been issued, in addition to the Regulations and Resolutions by the Consob (listed in detail on this page of the Consob website). In short, as we anticipated at the beginning of the post, the AML field is continuously and constantly evolving in terms of regulatory updates.

Real-time anti-money laundering and counter-terrorism regulatory updates with Daitomic

Financial compliance professionals who work daily on AML therefore have to deal with continuous updates to be monitored and analyzed. Obviously, the speed and the accuracy of these operations, especially in the field of anti-money laundering and counter-terrorism, are essential to ensure the stability of financial institutions and allow them to develop strategies which are not too exposed to risks. Currently this is really complicated, because of the quantity and frequency of regulatory updates issued by regulators, like, for example, the recent changes made by the EU to the CFSP to sanction Russia. With Daitomic, however, the situation is changing. The Artificial Intelligence engines underlying this RegTech solution generate an electronic and machine readable version of financial regulations, thus automating the collection of regulatory updates and their comparative analysis, to allow compliance professionals to focus only on decision making and strategic activities.

As shown by the graphics, Daitomic allows users to interactively consult banking regulations and to compare the different versions issued by the regulators. But it is not limited to this. The platform also offers a customizable email alert system, to notify users - automatically and in real-time - about the regulatory updates related to their areas of interest.

Obligations extraction for the AML regulatory area? Daitomic - automatically - takes care of it

But Daitomic can do much more. After receiving the email alert about an AML regulatory update - or about any other regulatory area -, users can easily prepare the impact analysis, as the platform is also able to automatically extract the related obligations and link them with the impacted internal processes.

With its regulatory obligations automatic extraction feature, Daitomic automates the financial compliance workflow steps that don’t require human analytical and interpretative skills, leaving to humans only their most peculiar activity: making the right decisions. Do you want to test these features for free and customize Daitomic for your organization? Click below!

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