SWIFT Institute meets the Compliance Forum
Since 1996, the rapid development of third-party payment providers, particularly for online purchases, has facilitated business development and helped boost overall economic growth. At the same time, the anonymity afforded by third-party payments has brought with it the increased risk of money laundering and terrorist financing, as well as increased opportunities for gambling, fraud, and phishing, amongst other illegal activities. While regulation has increased exponentially for banks and other financial institutions, its development has been slower in the third-party payment space. That appears to be changing, however, particularly in the area of anonymity and virtual currencies. This session will present newly published research into the risks and measures that are being put in place to regulate such activities. Are these measures enough or is additional mitigation required?