Peer-to-Peer (P2P) payments are increasingly popular for their simplicity, speed, and global reach. Unfortunately, this also attracts financial crime. But often the responsibilities to fight crime is vaguely split between banks and payment intermediaries. However, both parties are under constant pressure to improve. Not just to keep up with the criminals, but also to keep up with regulators. Overall, the use of P2P payments will most likely increase in the future and therefore trust is crucial for its success.
While Germany, Spain and Greece were popular vacation destinations in 2018, bookings for North Africa and Turkey are on the rise this year. No matter where to: more and more trips are not booked through a travel agency, but by tourists themselves on online travel platforms. In Germany, 40 percent of bookings already in 2017 – trend rising. The Internet
The art market is confronted with a new law, which comes with additional requirements. The 5th EU money laundering directive has been converted into national law on January 10. Now, art dealers and art brokers are obliged to identify clients and to assess risks. Affected are transactions with a value of 10,000 euros or more – not only the cash business, but all other transactions.
Stronger controls on traditional financial transactions and more effective systems to identify fraud and money laundering forces criminals to look for new ways to launder money. Often, digital channels and online platforms offer loopholes, especially for small payments. Microtransactions happen often below the radar of law enforcement and regulatory agencies. However, thousands of such small electronic payments can accumulate fast to significant amounts.
The 6th EU Money Laundering Directive aims to harmonize the criminal liability and the procedural requirements for the prosecution of money laundering in the EU countries and for international cooperation. What does that mean?
In order to protect the financial system from abuse, measures to comply with national and international embargo regulations are required. Filter software systems and their rule sets are of great importance there. However, these must be analyzed regularly to guarantee optimal hit quality.
Terrorists running online fundraisers. Cryptocurrencies are their preferred payment method. A new challenge for compliance.
Digital assistants with Artificial Intelligence (AI) are on the rise in the financial sector.
One in three customers have no concerns using voice commands in banking. How a cutting-edge AI algorithm can lead to better control of sales management and higher business goals.
The cloud offers numerous possibilities for the financial sector, which should be used and is no longer just a hype of the FinTechs. Compliance- as a service (CaaS) is a solution worth considering.
While digitization is progressing, financial institutions are facing difficult tasks. Data is the new precious asset. New technologies must be implemented fast while the daily business runs on the existing system. But challenges are one of the best ways to spark innovation. Interdisciplinary teams have already been formed to embrace this transformation.