By Elizabeth Hearst for AMLi
The Maltese Financial Intelligence Unit (FIAU) last month hosted its first ever international conference bringing together administrators of bank account registers and retrieval systems from across Europe.
The FIAU said the conference was a “first of its kind” among administrators, with over 80 delegates from 21 countries attending the two-day conference.
The conference sought to compare different registers and set-ups in terms of technology, data quality checks and reportable data, through a series of presentations and showcases.
The two-day event saw focused sessions take place on the use of registers to improve effectiveness under FATF standards, the use of registers in National Risk Assessments, the challenges of regulatory reporting, risks posed by virtual IBANs and BORIS interconnection.
The conference was endorsed by the European Commission who participate in a dedicated slot on “commonalities and differences across registers as well as other considerations for the interconnected platform,” according to the FIAU.
In his closing speech, FIAU Director Kenneth Farrugia said the positive turn out demonstrated the “willingness to cooperate across borders” to fight money laundering and terrorist funding.
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