Regulators have mooted the possibility of beating the ploughshare of open banking into a sword against financial crime, but technical and legal hurdles still stand in the way of authorities’ ambitions.
Application programming interfaces (APIs) are central to open banking, and until now attention has largely been focused on their role as a gateway by which third-party fintechs can access consumer accounts at financial institutions.
But some regulators have been looking beyond commercial uses and considering how national competent authorities (NCAs) might employ APIs in their own ongoing efforts to tackle financial crime and ensure compliance by regulated entities.
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