A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/39049 |
Resumo: | The study focuses on the possibility of a central bank digital currency (CBDC) for the euro area and its relationship with data protection and anti-money laundering / combating the finance of terrorism (AML/CFT) policies. Its objective was to identify the state of the art on the subject and some of the main opportunities, challenges and risks which should be considered in the ongoing process of a digital euro. The research was based on a critical review of reports and surveys about CBDCs produced by central bank community, international institutions and European Union agencies, the regulatory framework and international standards about data protection and AML/CFT, complemented by academic and professional experts’ literature. It was conducted under a qualitative method following the premise that in Fintech innovation is crucial to understand current and emerging regulations that can be relevant. Digital euro’s architecture, independently of the adopted model (accountbased, token-based or hybrid), should: (1) allow CBDC holders identification and comprise traceability mechanisms in accordance with AML/CFT requirements; (2) respect the General Data Protection Regulation, namely data protection by design and by default through privacyenhancing technologies. The status of the European Central Bank and national central banks of euro countries is incompatible with their subjection to the legislation on AML/CFT applicable to the participants on digital money transfers market, so all the operations related with the end-users must be full intermediated by private sector entities submitted, beyond financial supervision, to guidelines, regulation and supervision by AML/CFT authorities. |
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A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorismCentral bank digital currencyDigital euroAML/CFTFintech regulationData protectionMoeda digital de banco centralEuro digitalCombate ao branqueamento de capitais e financiamento do terrorismoRegulação de FintechProteção de dadosDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe study focuses on the possibility of a central bank digital currency (CBDC) for the euro area and its relationship with data protection and anti-money laundering / combating the finance of terrorism (AML/CFT) policies. Its objective was to identify the state of the art on the subject and some of the main opportunities, challenges and risks which should be considered in the ongoing process of a digital euro. The research was based on a critical review of reports and surveys about CBDCs produced by central bank community, international institutions and European Union agencies, the regulatory framework and international standards about data protection and AML/CFT, complemented by academic and professional experts’ literature. It was conducted under a qualitative method following the premise that in Fintech innovation is crucial to understand current and emerging regulations that can be relevant. Digital euro’s architecture, independently of the adopted model (accountbased, token-based or hybrid), should: (1) allow CBDC holders identification and comprise traceability mechanisms in accordance with AML/CFT requirements; (2) respect the General Data Protection Regulation, namely data protection by design and by default through privacyenhancing technologies. The status of the European Central Bank and national central banks of euro countries is incompatible with their subjection to the legislation on AML/CFT applicable to the participants on digital money transfers market, so all the operations related with the end-users must be full intermediated by private sector entities submitted, beyond financial supervision, to guidelines, regulation and supervision by AML/CFT authorities.O estudo tem como objeto a possibilidade de uma moeda digital de banco central (MDBC) na zona euro e a sua relação com proteção de dados e combate ao branqueamento de capitais e financiamento do terrorismo (CBCFT). Pretendeu-se investigar o estado da arte e principais oportunidades, desafios e riscos no processo em curso de um euro digital. A investigação baseou-se na revisão crítica de relatórios e estudos sobre MDBCs produzidos pela comunidade de bancos centrais, instituições internacionais e órgãos da União Europeia, do quadro regulatório e orientações internacionais sobre proteção de dados e CBCFT, complementados por estudos de académicos e outros especialistas. Foi adotado um método qualitativo à luz da premissa de que para a inovação Fintech é fundamental compreender regulamentações atuais e emergentes relevantes. A arquitetura de um euro digital, independentemente do modelo adotado (baseado em contas, em tokens ou híbrido), deverá: (1) permitir identificação dos titulares de MDBCs e compreender mecanismos de rastreamento conformes às exigências CBCFT; (2) respeitar o Regulamento Geral sobre Proteção de Dados, nomeadamente, proteção de dados desde a conceção e por defeito através de tecnologias de proteção da privacidade. O estatuto do Banco Central Europeu e dos bancos centrais dos países do euro é incompatível com a sua submissão às exigências CBCFT aplicáveis aos participantes no mercado de transferências digitais de dinheiro, pelo que as operações relativas aos utilizadores finais devem ser integralmente intermediadas por entidades privadas sujeitas, além da supervisão financeira, a diretrizes, regulação e supervisão pelas autoridades de CBCFT.Andrade, João Freire deVeritati - Repositório Institucional da Universidade Católica PortuguesaMesquita, Diogo Machado Teixeira da Mota Dá2022-09-29T15:26:16Z2022-05-032022-042022-05-03T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/39049TID:203038517enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:44:32Zoai:repositorio.ucp.pt:10400.14/39049Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:31:54.376413Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
title |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
spellingShingle |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism Mesquita, Diogo Machado Teixeira da Mota Dá Central bank digital currency Digital euro AML/CFT Fintech regulation Data protection Moeda digital de banco central Euro digital Combate ao branqueamento de capitais e financiamento do terrorismo Regulação de Fintech Proteção de dados Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
title_full |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
title_fullStr |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
title_full_unstemmed |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
title_sort |
A digital euro’s relationship with data protection, anti-money laundering and combating the financing of terrorism |
author |
Mesquita, Diogo Machado Teixeira da Mota Dá |
author_facet |
Mesquita, Diogo Machado Teixeira da Mota Dá |
author_role |
author |
dc.contributor.none.fl_str_mv |
Andrade, João Freire de Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Mesquita, Diogo Machado Teixeira da Mota Dá |
dc.subject.por.fl_str_mv |
Central bank digital currency Digital euro AML/CFT Fintech regulation Data protection Moeda digital de banco central Euro digital Combate ao branqueamento de capitais e financiamento do terrorismo Regulação de Fintech Proteção de dados Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Central bank digital currency Digital euro AML/CFT Fintech regulation Data protection Moeda digital de banco central Euro digital Combate ao branqueamento de capitais e financiamento do terrorismo Regulação de Fintech Proteção de dados Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The study focuses on the possibility of a central bank digital currency (CBDC) for the euro area and its relationship with data protection and anti-money laundering / combating the finance of terrorism (AML/CFT) policies. Its objective was to identify the state of the art on the subject and some of the main opportunities, challenges and risks which should be considered in the ongoing process of a digital euro. The research was based on a critical review of reports and surveys about CBDCs produced by central bank community, international institutions and European Union agencies, the regulatory framework and international standards about data protection and AML/CFT, complemented by academic and professional experts’ literature. It was conducted under a qualitative method following the premise that in Fintech innovation is crucial to understand current and emerging regulations that can be relevant. Digital euro’s architecture, independently of the adopted model (accountbased, token-based or hybrid), should: (1) allow CBDC holders identification and comprise traceability mechanisms in accordance with AML/CFT requirements; (2) respect the General Data Protection Regulation, namely data protection by design and by default through privacyenhancing technologies. The status of the European Central Bank and national central banks of euro countries is incompatible with their subjection to the legislation on AML/CFT applicable to the participants on digital money transfers market, so all the operations related with the end-users must be full intermediated by private sector entities submitted, beyond financial supervision, to guidelines, regulation and supervision by AML/CFT authorities. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-09-29T15:26:16Z 2022-05-03 2022-04 2022-05-03T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/39049 TID:203038517 |
url |
http://hdl.handle.net/10400.14/39049 |
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TID:203038517 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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