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.
Compliance in Industry Strict regulations and laws such as in the financial sector – think of the money laundering guidelines or anti-terrorism regulations – do not yet exist for the industry. Regulations are relaxed, which unfortunately takes its revenge in some cases. ThyssenKrupp for example had to pay penalties for price-fixing in the amount of over 900 million euros. Other