Faster payments: what does it mean for compliance?

In this article, published in Payments Evolution at Money20/20, Henry Balani, the Global Head of Strategic Affairs at Accuity, examines how anti-money laundering and KYC compliance regulations are likely to impact the adoption of instant payments. The various iterations of faster payments have been driven primarily by technological advancements and growing customer need, but compliance measures have found themselves lagging behind.

With compliance facing challenges across three key areas – processes, people and technology – it is important for both sides of the equation to work together in order to balance the innovation in payments with the need for thorough compliance.