A delicate balance: Reconciling real-time payments with financial crime and fraud controls

CL3_CR1 2018-10-24T14:00:00.000Z

Conference Room 1
Di Challenor
General Manager, Global Transaction Services
Barbara Patow
Global Head of Correspondent Banking
Kavita Maharaj
Sibos Moderator
Vanessa Chapman
General Counsel
NPP Australia Limited
David Rich
Executive Vice President

As the global trend towards real-time payment systems continues to accelerate, many industry stakeholders fear increased fraud – and rightly so. One of the most pressing issues for banks, system operators and regulators is how to increase speed without sacrificing security.
In this new payment landscape, can technology contribute to fraud and financial crime prevention, rather than simply speeding up payments? And in a world of instant payments, how much risk is too much? Are regulators ready to adapt a risk-based approach across the board, or does a zero tolerance approach for certain compliance activities still stand? As new payments bring about new methods of fraud, how are financial crime compliance teams shifting their focus to prevention rather than detection?