Challenges and Best Practices of AML Sanctions Screening, Part 10:
Transaction Screening – Maintaining AML Compliance with Frictionless Payments

Financial institutions are presented with a multitude of challenges when implementing their sanctions program for payment processing. On the regulatory side, institutions are expected to continually assess their financial crime framework to ensure that it is operationally effective and meets ever-evolving regulatory and governance expectations. On the implementation side, there is a constant struggle to find the right balance between detecting AML violations and processing customer payments without unnecessary delay.

How do you monitor payment flows without overwhelming compliance teams?

There are a myriad of other factors that influence the implementation of the program, including but not limited to the selection of the most appropriate risk database, identification of critical data fields in a payment message, and addressing data errors associated with such fields. Furthermore, institutions still use a “one-size-fits-all” approach when screening payments, with a limited set of matching algorithms applied to all payment sources. This approach typically produces a high number of false positives – and significantly increases the risk of missing real threats.

This informative webinar looks at practical approaches to mitigate AML risk for financial institutions and explores best practices for efficient implementation of their transaction screening program. Join us as we navigate the labyrinths of transaction screening for faster, frictionless payments!

This webinar will cover:

  • Exploring the regulatory landscape of payment screening
  • Technical challenges in program implementation
  • Selecting and maintaining your risk database
  • Data errors that cause common screening mistakes
  • A practical approach for real-time screening

Presented by:

Kieran Holland
Kieran Holland
Head of Technical Solutions FinScan
Steve Marshall
Steve Marshall
Advisory Services FinScan