A Brief Summary on 5th AML Directive of EU The 5th Anti-Money Laundering (AML) Directive (Directive (EU) 2018/843), which is the successor of the 4th AML Directive, was published on 19 June 2018 in the Official Journal of the European Union. The due date for the full adoption of the new Directive by [...]
All You Need to Know About Anti-Money Laundering (AML) Compliance What is Anti-Money Laundering and What is the role of Financial Institutions in AML? To prevent the money laundering activities and their negative effects, as well as to identify the money laundering criminals, the regulations on the local and international level have been created [...]
What is ISO 20022? How can a standardized approach improve the financial messaging system? Importance of standardization in financial messaging for international value transfers The current cross-border payments landscape is faced with the problem of lack of interoperability and integration between different clearing systems. To address the issue, standardization in the financial messaging is [...]
How to detect commonly used Trade-Based Money Laundering (TBML) Techniques? What does Trade-based Money Laundering (TBML) mean? Trade-based Money Laundering (TBML) is defined as the use of trade activities and transactions to transfer illicit cash of big quantities into legitimized or -in some cases- less suspicious commodities in order to avoid financial transparency regulations. [...]
How SWIFT gpi reduces cross-border payment times to minutes, even seconds? SWIFT has launched its global payments innovation (gpi) initiative in 2017 and since then almost 60% of all cross-border money transfers on SWIFT are sent via SWIFT gpi. The payments industry showed great interest in the advantages gpi offered in terms of pace, [...]
8 Compliance Trends That Shaped the Future of Financial Environment in 2020 The financial compliance requirements are among most important fields in the financial ecosystem as it is seen as the main source in maintaining public trust in the banking system. Together with the technological developments and digitalization trends, the risks and the threats [...]
Top 5 Innovations in the Payments Landscape You Should Know by the End of 2020 The notions of interoperability, harmonization, transparency and unification have been popular in financial payments and messaging standards in 2020. As technological developments evolve and offer so many advantages for the businesses in every field, the financial ecosystem has had [...]
Achieving a Unified Payments Landscape with Payments Hub A unified payments system: Payments Hub Platform The payments eco-system has been struggling with the challenges related to increasing volumes of payments and customer expectations as well as the new innovative developments in the payments atmosphere that caused fragmentation and complexity eventually. The currently used payments [...]
Real-Time Payments: Re-defining the Payments Landscape The real-time payments system is a money transfer innovation that offers instantaneous payments, real-time communication, ubiquity and extensive data transfer between banks and banking systems. Payments can be made and received 24/7, 365 days including holidays and weekends. Together with the rapid improvements in mobile technology and digital [...]
Distributed Ledger Technology and Blockchain: Potentials and Challenges Distributed Ledger Technology (DLT) is a new method of data validation that does not require a trusted authority and it enables to record, share and synchronize data across a distributed network of data stores and participants in a transparent way. Distributed ledgers (DLs) simply refer to [...]
