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Version date: 4 March 2021 - onwards

4.1. Use of technology by supervisors ("SupTech")

102. This section is intended to share experiences of how supervisors have leveraged technology for their supervisory work and how they have benefited from the use of such tools in the conduct of risk-based supervision. It does not advocate any specific technological tools which must be adopted for supervision.

103. New sources of data and advanced analytical tools can help supervisors be more efficient and effective at detecting and mitigating ML/TF risks. There are also new technologies available for supervision, in particular collecting, storing, analysing and transforming supervisory data to sharpen risk assessment, as well as to improve the supervisory process.

104. By harnessing the benefits of new technologies where appropriate, supervisors can more effectively and efficiently achieve their supervisory objectives.

Technologies can automate routine processes and free up valuable supervisory resources allowing supervisors to focus on tasks that require human judgement expertise and experience.