Following the request from the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior (FCIS) to gain more insight about existing automated tools for data collection and risk-based Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) supervision, the Council of Europe Economic Crime and Cooperation Division has organised a Workshop on the use of IT tools for the purpose of data collection, analysis, and risk profiling of obliged entities in the implementation of risk-based AML/CFT supervision. The event took place in Vilnius, Lithuania, on 4 April 2023.

FCIS representatives benefitted from presentations and exchanges with Council of Europe experts on a range of available “off-the shelf” IT tools for risk-based AML/CFT supervision, including discussing their added value, but also respective deficiencies and potential challenges. The second part of the event was dedicated to discussing available methods for conducting self-assessment of effectiveness regarding the implementation of risk-based supervision, including through the use of IT solutions. FCIS representatives could learn for instance useful tips for measuring the effectiveness of their supervisory work and for making necessary adjustments. Council of Europe experts further provided an overview of available technology options, that could accompany and support the supervisors in this endeavour.

The event is a follow up to the previous technical assistance provided to Lithuanian authorities concerning the mapping of data for the purpose of  risk profiling of obliged entities under FCIS’ AML/CFT supervision.

The activity was organised within the framework of the Technical Support Instrument (TSI) project on “Strengthening Risk-Based AML/CFT supervision in Lithuania, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.