The global economic sanctions landscape continued to evolve during the 3rd quarter (Q3) of 2020. While COVID-19 did slow the introduction of new sanctions during the Q2, regulation rebounded during Q3 where you can see a significant increase in the number of sanctioned entities.
On the other hand, the trend towards instant payments is accelerating – but so too are incidences of financial crime. As the volume of payments increases, so does the potential for financial crime. Regulation and compliance requirements designed to combat crime pose a challenge that may slow down payment processing and customer onboarding while increasing operational cost, therefore having a negative impact on the customer experience.
Access this webcast to hear more from key industry experts who gave a deep dive into:
- Complex Global Sanction landscape
- How to set-up an effective and efficient screening process to balance the risk vs customer experience
- Mitigating Sanctions / AML risks in payment transactions