Detecting and preventing financial crimes such as terrorist financing, money laundering, and organised crime is a growing challenge for financial institutions. There is a legal requirement to prevent the processing of transactions with any individual or entity on a sanctions list. Failure to do so can incur fines and important reputational damage. Banking licenses can be revoked, and senior management held personally accountable.

Achieving sanctions compliance can be difficult and costly given the volume and complexity of transactions, growing cross-border trade, and the move to the ISO 20022 standard. With 90-99% of matches resulting in a false positive, it is no surprise that many financial institutions have increased compliance resources significantly over recent years.

Join Siiri Grabbi and Leonard Werner from Bottomline as they highlight the next steps for banks & FIs:

• What are the key industry changes that will impact sanction screening? Cross-border payments innovation such as BAV and domestic pre-verification.
• Which key industry mandates and deadlines should banks & FIs be aware of? CoP, SEPA Inst Mandate, SIC 5 Instant Payments.
• How has ISO 20022 and richer, structured, and enhanced data helped with Sanctions Screening?
• What impact will ML and AI have on Sanctions Screening?
• What role does SaaS vs On-premise play in scaling systems and smooth implementation?
• What are the next steps?