The TOP Compliance Topics 2020
Corona and new regulations have challenged Compliance in 2020. A summary of the TOP topics
2812, 2020
Tag Archives: AML
1412, 2020
Artificial Intelligence to effectively counter financial crime
While AI can have great contributions to the fight of financial crime, one of the biggest problems with AI at present is the comprehension of the decision-making process. Explainable AI serves as a transparency technique by providing an explanation of the output, while maintaining a high level of prediction accuracy. This helps banks and financial institutions to tread the fine line of decision making in compliance.
1711, 2020
Tracking down financial crime with Correspondent Bank Monitoring
Cross-border payment transactions promote international trade and services. However, foreign transactions entail an increased risk of financial crime. Credit institutions prevent this risk with effective correspondent bank monitoring and systematic analysis of payment messages.
0211, 2020
ISO 20022 – a common language for global payments
The SWIFT payment network and the banking sector are about to migrate the previously used MT format for payment messages to the XML standard and the MX messages of the ISO standard. A huge challenge, but one that has many advantages for global monetary transactions. The size of the task and the effects of the corona crisis have caused delays in the schedule.
2809, 2020
P2P Payments: A Balancing Act Between Ease-of-use And Compliance
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.
0508, 2020
Online travel platforms and money laundering
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
2607, 2020
The Art of Money Laundering
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.
2806, 2020
Micro-Money Laundering: From Video Games To Online Markets
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.
0504, 2020
EU’s 6th Money Laundering Directive – What Will Change?
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?
0903, 2020
A set of rules to protect the financial system
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.