Compliance Executives to Increase Investment in RegTech as Geopolitical Risks Heighten
(Thomson Reuters ONE) -
Global AML Survey shows RegTech improves organisations' abilities to tackle
financial crime
LONDON, May 17, 2017 (GLOBE NEWSWIRE) -- A large majority (75%) of anti-money
laundering (AML) professionals believe the current geopolitical landscape
presents new risks and challenges for preventing financial crime at their
organisations, according to a joint survey by SWIFT and Dow Jones Risk &
Compliance.
To address these risks, more than half (54%) of respondents are planning to
increase their investment in RegTech in the next three to five years, as the
majority (59%) say technology has improved their company's ability to tackle
AML, KYC and sanctions requirements.
The annual survey - comprised of responses from more than 500 compliance and
anti-money laundering professionals around the world - assesses the current
regulatory environment and the impact of new regulation on international and
regional banks' compliance departments.
Joel Lange, Managing Director of Dow Jones Risk & Compliance, said: "The
shifting geopolitical environment has created an additional layer of complexity
for tackling financial crime around the world. As the political and economic
landscape continues to impact international trade, data protection, and tax
cooperation, the need for greater transparency and more effective information
sharing across borders is more important than ever."
Compliance Teams Struggle to Cope with Regulations
As financial crime risks continue to evolve, increased regulatory expectations
represent the greatest challenge (69%) for respondents, followed by concerns
surrounding increased enforcement of current regulations (50%), and the need to
understand regulation outside of their home jurisdiction (42%).
Specific regulations, such as the OFAC and EU 50% Rules(1) as well as the FinCEN
CDD Rule(2) (both new in 2017 survey), are cited by over 70% of respondents as
contributing to increased workloads for compliance departments. More than half
of respondents say FATCA(3) and the Fourth EU Money Laundering Directive(4) are
regulations that add to existing workloads.
"Technology can play a key role in providing new and enhanced capabilities that
strike a balance between preventing criminal activity, meeting regulatory
requirements and containing costs," said Paul Taylor, Director of Compliance
Services, SWIFT. "The most sophisticated financial crime compliance solutions
help mitigate risks and boost efficiency in several ways, from managing
workloads to automating payments monitoring and reducing false positives,
enabling compliance teams to focus on more strategic risk policy and financial
crime prevention work."
AML Concerns in Focus
The survey found that the greatest AML-related challenge currently facing
organisations is having enough trained staff (57%), followed by the reliance on
outdated technology (48%).
Historically, most institutions manage their anti-fraud and AML activities
separately; however the data shows an increase (66%) from last year (59%) of AML
departments handling fraud detection and prevention. When it comes to managing
fraud, risk data (90%) continues to be the most relevant source of information,
followed by crime typologies (75%) and news (70%).
For more information and to view the full results of the survey, please
visit: http://go.dowjones.com/AMLsurvey2017
About Dow Jones
Dow Jones is a global provider of news and business information, delivering
content to consumers and organizations around the world across multiple formats,
including print, digital, mobile and live events. Dow Jones has produced
unrivalled quality content for more than 130 years and today has one of the
world's largest newsgathering operations globally. It produces leading
publications and products including the flagship Wall Street Journal, America's
largest newspaper by paid circulation; Factiva, Barron's, MarketWatch, Financial
News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones
VentureSource. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX:
NWS, NWSLV).
About SWIFT
SWIFT is a global member owned cooperative and the world's leading provider of
secure financial messaging services.
We provide our community with a platform for messaging and standards for
communicating, and we offer products and services to facilitate access and
integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,000 banking
and securities organisations, market infrastructures and corporate customers in
more than 200 countries and territories. While SWIFT does not hold funds or
manage accounts on behalf of customers, we enable our global community of users
to communicate securely, exchanging standardised financial messages in a
reliable way, thereby supporting global and local financial flows, as well as
trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we
support our community in addressing cyber threats; and we continually seek ways
to lower costs, reduce risks and eliminate operational inefficiencies. Our
products and services support our community's access and integration, business
intelligence, reference data and financial crime compliance needs.
SWIFT also brings the financial community together - at global, regional and
local levels - to shape market practice, define standards and debate issues of
mutual interest or concern.
Headquartered in Belgium, SWIFT's international governance and oversight
reinforces the neutral, global character of its cooperative structure. SWIFT's
global office network ensures an active presence in all the major financial
centres.
About SWIFT's financial crime compliance services portfolio
SWIFT's Compliance Services unit manages a growing portfolio of financial crime
compliance services in the areas of sanctions, Know Your Customer (KYC) and
Anti-Money Laundering (AML). The portfolio includes Sanctions Screening,
Sanctions Testing and Name Screening solutions, Compliance Analytics and
Payments Data Quality services, and The KYC Registry. For more information,
visit www.swift.com/complianceservices.
__________________________________
(1) The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC)
issued the 50 Percent Rule which provides guidance on companies dealing with
entities owned 50 percent or more in the aggregate by more than one blocked
person.
(2) Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence Rule
(CDD) provides a customer due diligence framework intended to promote a more
level playing field across and within financial sectors.
(3) The Foreign Account Tax Compliance Act requires foreign entities to report
on the foreign assets held by their U.S. account holders or be subject to
withholding on withholdable payments.
(4) The Fourth EU Money Laundering Directive (AMLD-IV) requires European member
states to update their respective money laundering laws and transpose the new
requirements into local law by 26 June 2017.
Media Contact
Dow Jones
Sophie Bent
sophie.bent(at)dowjones.com
SWIFT
Adriana Villasenor
Adriana.VILLASENOR(at)swift.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Dow Jones & Company via GlobeNewswire
Datum: 17.05.2017 - 08:30 Uhr
Sprache: Deutsch
News-ID 544064
Anzahl Zeichen: 8478
contact information:
Town:
New York
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 131 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Compliance Executives to Increase Investment in RegTech as Geopolitical Risks Heighten"
steht unter der journalistisch-redaktionellen Verantwortung von
Dow Jones & Company (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
