20 Feb Risk Management Systems Guide 2015
The focus on risk management for banks and corporates alike has been critical since the financial crisis highlighted certain shortcomings and increased the regulatory focus.
For organisations looking at purchasing new risk solutions in order to address the increasing pressures in this area, the bobsguide Risk Management Systems Guide features a comprehensive matrix, allowing buyers to compare and contrast the different functionalities of solutions on the market today.
The US government has been in the news for handing out multi-billion dollar fines to banks that it views as having broken sanctions rules. With the severity of the potential punishments hanging over them, what can banks do to ensure they comply with the various sanctions edicts around the world?
As the volume of electronic payments continues to rise in line with new digital channels, so does financial crime. 2014 has seen antimoney laundering (AML), sanctions breaches and countering financing of terrorism (CFT) dominate the financial services landscape.
”While there are some differences in compliance regulations in different jurisdictions, overall if you look at Europe, Asia and the US, regulators are trying to similar things regarding sanctions, AML and know your customer [KYC],” says Luc Meurant, Head of Compliance and Banking Markets at SWIFT. ”Overall, the intention is fairly consistent across the geographies. The details of implementation can still differ and the fines involved can also differ country by country.” While the fines may differ, the past year saw a number of large-scale fines hit the headlines. ”In terms of why the fines have been so big, the general view was that the cost of compliance was historically higher than the cost of adhering to the regulation,” says Amanda Gilmour, Product Director of Payments at Temenos. ”For the larger banks, operating in a wide number of jurisdictions with differing regulations, operating with different systems in their satellite offices it was just not worth it. Regulators have started to realise that for banks to take the issue of financial crime seriously they must hit the banks where it hurts them.”
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