Payments data-sharing could improve financial crime compliance

Initiatives to collaborate on financial crime in the payments space continue to be hindered by poor data and compliance systems.

Fintechs are approaching banks earlier in the client lifecycle to understand their compliance and regulatory obligations, according to Jeremy Warren, chief compliance officer for commercial banking at JPMorgan.

Speaking during a panel discussion at the Sibos conference in October, he also observed that financial crime compliance teams were engaging with other parts of the business earlier in the process of introducing new products and services or entering new markets to suggest how these products and services could be made safer.

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