Accuity Insights Blog

As Bankers Almanac celebrates its 175th anniversary this year, it is important to reflect upon our impact. Bankers Almanac has been a trusted partner, guiding our customers through technological and regulatory changes.

The EU’s Fifth Anti-money Laundering Directive has extended the list of sectors that fall within the scope of the updated regulations. These new ‘obliged entities’ are required to implement financial crime prevention processes, including adverse media screening, in line with the practices carried out by banks and other regulated sectors.

Increasing regulatory pressure from domestic and international regulators as well as an explosion in the number of sanctions and politically exposed persons (PEPs) are among the issues weighing heavily on financial institutions in China as they continue to ramp up efforts to mitigate the risk of money laundering and terrorist financing

In the second part of our Q&A with Hdeel Abdelhady, Principal Attorney at MassPoint Legal and Strategy Advisory PLLC, we ask her about the impact of the COVID-19 pandemic on international sanctions and supply chains.

As part of our ‘Ask the Expert’ series, we ask Hdeel Abdelhady, Principal Attorney at MassPoint Legal and Strategy Advisory PLLC, about international sanctions, enforcement trends, and the role of lawyers as gatekeepers of the financial system.

In the global fight against financial crime, each region faces unique challenges, and those faced by Pakistan are, arguably, more complex.

By providing more detailed information about all parties involved in a payment, the ISO 20022 message format will not only speed up payments, but increase transparency, improve sanctions screening and help organisations better detect and prevent financial crime.

ISO 20022 will impact a wide number of bank functions, from payments processing systems to foreign exchange, treasury, billing, screening, trade finance, and other operational areas. Before a ‘payments nirvana’ can be achieved, organisations should be prepared for what is likely to be a troublesome transitional period.

With regulation increasing, but compliance budgets static, companies need to reduce operational compliance overheads in a way that is explainable, effective and efficient.

As barriers continue to fall and international trade increases, the need for fast, accurate and efficient cross-border payments will continue to escalate. Meeting this need can only be accomplished with initiatives like ISO 20022.