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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.

Many fintechs have hired former banking compliance officers to act as financial crime subject-matter experts. They have also moved closer to regulators by recruiting ex-regulatory staff or having them on their board of directors or as special advisers.

Regulatory constraints

However, fellow Sibos panellist Erin Zavalkoff, global head of AML compliance risk management for foreign correspondent banking at Citi, suggested fintechs may still not fully appreciate the regulatory constraints banks operate under and that banks had a role to play in making them aware of these constraints.

Colin Whitmore, senior analyst in the fraud and AML practice at Aite Group, agrees there is no reason why banks cannot do more in this area.


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