Manage AML Risk in Payments

The European Banking Authority recently released a report criticising the lack of mitigation by payments institutions and underperforming supervision by regulators. More must be done, and regulators are sure to refocus their efforts on payments institutions as a result.

Manual approaches to compliance present a real challenge - they’re a drain on time and resources and contribute to operational inefficiencies, lack of audit control, and high turnover in compliance talent.

Compliance officers report spending much of their time on data analysis, due diligence, and risk assessments, second only to internal meetings, and administrative tasks. Investigations rank as the fourth most time-consuming task for compliance staff.

Sophisticated, automated systems allow you to respond faster to incoming regulations, emerging risks, and increasing transaction volumes.

Legislation around transaction monitoring isn’t prescriptive, it’s up to payments institutions to ensure their transaction monitoring compliance is effective by tailoring the approach to the organization’s individual needs.

What the regulators consider to be ‘good practice’ in transaction monitoring
How payment institutions can achieve effective transaction compliance through automation
Why onboarding and KYC is make-or-break for financial crime risk monitoring
How to cut down on false positives using transaction monitoring and KYC data
Why real-time transaction monitoring is essential to satisfy clients and consumers

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