Compliance: the big issues uncovered
Tony Wicks, Swift
Fraud prevention and detection, as well as the impact of evolving technology and faster payments on financial crime compliance are just some of the topics up for discussion this week.
Fraud is moving from data theft to payment fraud – and financial institutions and payment infrastructures are the new targets. Cyber attackers are innovative and now work with subtlety and sophistication. They cover their tracks and exploit the fact that payments move faster than ever. So, with cybercrime high on everyone’s agenda, we will be addressing this issue in several sessions.
We will also be launching SWIFT Payment Controls, our new tool for fraud prevention and detection, which is an integral part of SWIFT’s Customer Security Programme. This tool will help customers to monitor and protect their core payments, by flagging and responding to fast-moving, suspect transactions efficiently. In the event of an attack, banks require separate controls to check and stop payments and this in-network solution provides just that. This is a significant development and a major source of defence for customers.
SWIFT Payment Controls has been developed in collaboration with 14 institutions, allowing us to develop the tool around features requested by the SWIFT community.
Key sessions:
- The future is now: Integrating new technologies (AI and robotics) and financial crime compliance
23 October, 09:45-10:15 – Conference L3: Conference Room 5 - Join us for a live demo session and see Payment Controls in action
SWIFT Session: 23 October, 12:15-13:00 – SWIFT Hub L2, SWIFT Hub 1 - A delicate balance: Reconciling real-time payments with financial crime and fraud controls
Main conference session: 24 October, 14:00-15:00 – Conference L3, Conference Room 1 - Discover how SWIFT is using AI in order to detect anomalies and prevent fraud
SWIFT session: 24 October, 13:00-13:30 – SWIFT Hub L2, SWIFT Hub Theatre
Delegates can also learn more about many other issues affecting the evolving financial crime landscape. In the main conference session on Tuesday morning, the panel will discuss how to integrate new technologies (AI and robotics) and financial crime compliance.
This will be followed by a session on machine learning in AML with Adrien Delle-Case, Policy Advisor at the IIF, in the SWIFT Knowledge Bar (11:00-11:45 SWIFT Hub L2, SWIFT Hub Knowledge Bar).
The main conference session on Wednesday morning will address how to manage the emerging AML and regulatory risks of new payment methods. We will be considering compliance challenges in the real-time payment arena for both instant payments and global payments innovation (gpi) payments.
By Tony Wicks, head of financial crime compliance, SWIFT
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