Qualitative survey on the adoption of innovative tools for AML compliance

Banca d'Italia has conducted a survey on a sample of medium-sized banks on the use of innovative tools for meeting anti-money laundering and counter-terrorist financing (AML/CFT) requirements. The report highlights both the potential benefits and the associated risks of these tools, and outlines some of the conditions and prerequisites under which the expected advantages can be fully realized.

The survey focused on banks that, between 2022 and 2024, demonstrated a strong aptitude for innovation and had already integrated innovative tools into their efforts to prevent money laundering and terrorist financing.

The publication of the findings aims to raise awareness among supervised banks about the importance of having a clear digital transformation strategy for AML/CFT controls. Banks do face significant challenges due to the large volume of transactions to be monitored, the growing prevalence of remote customer relationships, and the increasingly transnational and technologically sophisticated nature of criminal activity.