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What faster payments means for anti-money laundering compliance
Journal of Financial Compliance,
1
(3),
245-254
(2017)
Abstract
The global phenomenon of faster payments is having an impact on operational issues related to anti-money laundering (AML) compliance. Faster payments are a response to the need to modernise current payment settlement networks as a result of market, technology and demographic trends. Faster payment networks provide benefits to the three major participant groups: corporations, consumers and financial institutions. AML compliance operations have traditionally been designed to operate in a batch mode, holding and reviewing potential suspicious transactions in a queue prior to release. The pressure to release transactions in a faster payments environment is significantly higher, potentially affecting customer service level agreements and the need to comply with established AML review procedures. There are opportunities to improve AML compliance procedures by re-examining processes used, staffing approaches and optimising technology tools.
Keywords: faster payments; real time payments; compliance; anti-money laundering; terrorist financing
The full article is available to subscribers to the journal.
Author's Biography
Henry Balani is Global Head of Strategic Affairs for Accuity, responsible for driving thought leadership. In his prior role as Head of Innovation, he helped pioneer new anti-money laundering (AML) sanction screening solutions related to trade compliance. As Managing Director, Dr Balani managed Accuity’s Compliance Group that includes product management and professional services. Accuity is a global provider of payments and compliance solutions in the financial services and corporate sectors. Prior to joining Accuity, Dr Balani managed consulting practices with some of the largest professional services organisations in the world, including Accenture and IBM. Dr Balani’s previous role was at Pegasystems as their Consulting Director in their financial services practice. At IBM, he was Director of Client Services in the Software Group, where he successfully managed Lotus’ delivery capability in web application development. He was also Consulting Manager at Andersen Consulting, now Accenture. Dr Balani received his doctorate of business administration from the University of Wisconsin, conducting research on the impact of regulations on banking valuations and risk. He also holds an MBA from Northern Illinois University and BS in economics, international trade and development from the London School of Economics. He teaches graduate-level classes in international economics and global business. Dr Balani is frequently quoted in major financial publications including the Wall Street Journal and Bloomberg. He regularly speaks at various conferences on topics related to compliance and payments efficiency, and was recently invited to speak at the UN Financing for Development Forum on correspondent banking trends.
