Fundtech, a US-based global transaction banking solutions provider, has outlined new practises through a white paper titled ‘Reducing the Risk and Cost of Payments Compliance for Banks’ that helps banks reduce risk and cost of payments compliance.
The report also provides insights for banks on how to comply with the global patchwork of anti-money laundering (AML) regulations, while increasing automation and efficiency.
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Money laundering serves as an increasing threat for banks and despite spending on AML compliance systems, most suspicious transactions turn out to be false positives that lead to even greater costs for banks.
Fundtech global presales senior vice president and white paper co-author, Marco Lauber, said by following best practises, banks can achieve compliance at a reasonable cost.
"But in a world of increasingly savvy criminals and rapidly changing regulation, the challenge becomes staying compliant. Banks must remain vigilant, and select a technology partner that will keep them on the leading edge of managing regulatory risks," Lauber added.
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