Fraud and Financial Crime Management
Ensure your security with and protect your institution from fraud and financial crime while complying with changing regulations.
There is a legal requirement to prevent the processing of transactions with any individual or entity named on official sanctions. Failure to do so can incur fines of up to £1m or 50% of the size of the breach whichever is higher. Licenses can be revoked or suspended, and senior management held personally accountable for AML/CTF breaches.
Achieving AML/CTF compliance can be difficult and costly given the volume and complexity of transactions, ownership structures and growing crossborder trade. With 90-99% of matches resulting in a false positive, it is no surprise many financial institutions and businesses have increased compliance resources significantly in recent years.
Read on to discover how Bottomline’s Watchlist Screening product protects financial institutions and businesses from sanctions breaches with automated screening of transactions in real-time. Providing mitigation of AML/CTF risks, streamlined and optimisied remediation processes, and providing insightful data-driven reporting.
As the payment landscape evolves, so do the methods used for money laundering. Each year, less than 1% of illegal assets are frozen or seized by authorities.
Known as the SWIFT Customer Security Programme, or CSP, SWIFT has established a set of mandatory and advisory controls that will act as a secure foundation for the entire SWIFT community. Continue reading to discover how Bottomline can help you take advantage of SWIFT secure payments.
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