Past sibos: Singapore 2015

Compliance focus: Finding the needle by standardising the payments haystack

14 October 2015
13:00 to 13:45
Main conference session Standards Forum
Financial Crime Intelligence & Services
SWIFT
Moderator
Head of Business Development Group Banking Operations
Commerzbank AG
Head of Technical Sales and Strategy for Global Payment Services
Wells Fargo
Deputy Head of Financial Crime Compliance
Standard Chartered

Financial institutions have invested heavily in financial crime compliance systems, processes and personnel. However, the best compliance programmes are only as good as the payments data they have to work with. The increased focus on financial crime prevention has highlighted the fact that data often is insufficient or inaccurate – particularly in terms of originator and beneficiary information in payment and trade messages. Whilst data quality is a high priority from a compliance point of view, proposed solutions, such as ending free-format fields, could have a major operational and cost impact. As with so many compliance-related topics, the challenge is to balance the imperative of meeting one’s regulatory obligations with the need to keep cost and operational impact manageable.

Sibos TV
14 October 2015
13:00 to 13:30
Sibos TV Sibos TV