What faster payments means for anti-money laundering compliance

Henry Balani
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Henry Balani: Head of Industry & Regulatory Affairs, Encompass Corporation UK, UK

Journal of Financial Compliance, 2017, vol. 1, issue 3, 245-254

Abstract: The global phenomenon of faster payments is having an impact on operational issues related to anti-money laundering (AML) compliance. Faster payments are a response to the need to modernise current payment settlement networks as a result of market, technology and demographic trends. Faster payment networks provide benefits to the three major participant groups: corporations, consumers and financial institutions. AML compliance operations have traditionally been designed to operate in a batch mode, holding and reviewing potential suspicious transactions in a queue prior to release. The pressure to release transactions in a faster payments environment is significantly higher, potentially affecting customer service level agreements and the need to comply with established AML review procedures. There are opportunities to improve AML compliance procedures by re-examining processes used, staffing approaches and optimising technology tools.

Keywords: faster payments; real time payments; compliance; anti-money laundering; terrorist financing (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2017:v:1:i:3:p:245-254

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