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Driven by the waves of regulatory reforms and compliance requirements, financial crime compliance obligations are becoming an increasingly complex and expensive process. It becomes even more challenging when transactions move internationally as financial institutions must navigate different requirements and regulations across jurisdictions.
All these reasons compound up to make compliance an area of potential sanction screening friction in the payment industry. And one minor mistake can prevent payments from reaching their desired destination, even in this fast-moving digital age.Compliance and sanction screening must adopt new processing to avoid money launderers and fraudsters. ECS Fin believes that safety and speed should move parallelly to keep the security and integrity of the payment’s ecosystem.We are continuously evolving our solutions to improvise this potential area by developing efficient screening processing for the financial community. IMS data governance makes a complete audit trail on every transaction, from inception to processing to delivery and responses.
There is no denying the fact that compliance and sanction screening is essential to keep the financial system’s integrity. However, there are known phrases in the financial industry that respond assertively to market needs to develop a wide range of sanction portfolios, such as know your customer (KYC), AML (transaction monitoring and analysis), and fraud-prevention solutions. And it’s not halting there.
Today, many banks have started screening transactions individually to review whether sanctioned entities are involved or not, which has been significantly costing a fortune to the industry overall. This proactive approach has come under scrutiny to create better customer experiences. With the introduction of ISO 20022, an open global standard for financial information provides a better and long way to make screening more efficient and reduce false positives. Other parts of financial crime compliance have also revealed the possibilities of tackling fraud by collaborating industry on data, platforms, and utility concepts. Transaction Monitoring Netherlands, Project COSMIC in Singapore, and the Fintel Alliance in Australia are some prominent examples.
As we move towards compliance in a real-time world, AML and KYC (know your customer), IMS data governance does high-speed processing of compliance checks across multiple sanctions lists to ensure greater transparency of customers: IMS Data governance is a custodian of enterprise transaction data that sores all incoming and outgoing data (messages, files, and documents) and does transaction audits by linking data by underlying transactions.