The TOP Compliance Topics 2020
Corona and new regulations have challenged Compliance in 2020. A summary of the TOP topics
2812, 2020
Tag Archives: financial crime
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.
1903, 2019
Compliance in Industry – Obligation or Opportunity?
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