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24 December 2018

Financial crime compliance challenges and strategies outlined in new Celent Sibos report

Download analysis of the evolving financial crime compliance landscape

A survey of 59 financial institutions conducted by the Institute of International Finance found that 35% of respondents are already using advanced analytical tools and technique in financial crime compliance.

Also, at a Sibos 2018 panel session "Reconciling real-time payments with financial crime compliance and fraud controls" it was revealed that almost 50% of payment screening alerts are now being resolved with the help of AI.

There is a clear move towards using new technologies to combat the growing challenges in financial crime compliance. So how can banks harness these new tools and technologies to solve real problems in financial crime compliance?

To assist our community, SWIFT has commissioned a series of reports by Celent taking stock of the discussions that took place at Sibos 2018.

The second of these, Financial Crime Compliance: Need for new technology and approach for new digital era, identifies the key drivers and challenges for an industry in flux, and how – with concerted thinking and action - technology can be of huge benefit to our community.

The securities industry in particular is coming under greater scrutiny, as it generates large volumes and value of money transfers. It is also particularly vulnerable to attack due to its many entry points, such as brokers, exchanges, clearing houses, custodians, and depository institutions. The lack of regulation and guidelines in this area is currently being addressed by global banks and the International Estimating Services Association.

The report covers several key themes:

  • Reimagining financial crime compliance for the digital age
  • Artificial Intelligence for solving real problems in financial crime compliance
  • Need for partners against crime

Read the report below to gain tangible insights on how the industry can achieve greater efficiency and effectiveness in financial crime compliance.

Imperatives from Sibos 2018: Financial Crime Compliance

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24 December 2018

Need for new technology and approach for the new digital era

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Article

Imperatives from Sibos 2018: Financial Crime Compliance

Need for new technology and approach for the new digital era

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English
Report

Imperatives from Sibos 2018: Cybersecurity

Education, Discipline, and Collaboration.
Celent report - Joan McGowan and Gareth lodge.

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