Panel Session: Evolving compliance trends: Are you ready?
The new FATF Recommendation 16 asks financial institutions to combat money-laundering and terrorism financing by gathering originator and beneficiary data in their payments messages. Financial institutions strive to improve data quality in messages for payment screening and transaction monitoring.
Representatives from Navigant and SWIFT will discuss the recommendation, clarify why it matters, and describe how improving data quality can lead to efficiencies in other areas of your compliance program.
The panel will also discuss the New York State Department of Financial Services’ recently proposed regulation that would require senior compliance officials to certify that effective transaction monitoring and sanctions screening programs are established within their organizations. Lessons learned from similar attestation policies already enforced in the UK will be discussed, along with what type of response will be necessary to comply with the new regulation.