Bottomline Watchlist Screening
Bottomline Sanctions Screening allows each transaction to be checked against different sanctions lists including whitelists and customer-provided lists.
Each year, less than 1% of illegal assets are frozen or seized by authorities.
Financial services firms are well aware of the need to safeguard against money laundering, terrorism financing and other financial crimes, yet financial crime compliance continues to be difficult for the financial sector.
In this white paper, Dow Jones Risk and Compliance and Bottomline examine how financial services can mitigate the risks of cross-border transactions, by combining a robust compliance programmes with tight controls and processes with high quality, structured data.
Why it matters?
The UK Financial Intelligence Unit (UKFIU) received and processed a record number of Suspicious Activity Reports in 2018 with 22,619 of those requests for a defence against money laundering (DAML). This figure was 20% up on the previous year.Source: Suspicious Activity Reports (SARs) Annual Report 2018; National Crime Agency
Payment fraud has hit an all-time high with 78% of organizations experiencing attempted and/or actual payment fraud incidents in 2017. The risks of wire, card and check fraud have been known for years, but as the push for faster and more mobile payments is demanded by consumers, financial institutions are hard-pressed to thwart equally tech-savvy fraudsters.
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