At the Sibos 2018 conference in Sydney, SWIFT's Head of Financial Crime Compliance Tony Wicks joins us on FRT to discuss the role of innovation in Anti-Money Laundering.
In addition to hosting the centerpiece of the global payments infrastructure, SWIFT offers financial crime compliance tools to a wide variety of firms. In observing industry trends from that position, Tony specifically highlights how innovation in financial crime compliance is often a means of solving a very specific business problem, and names various data analytics tools as an example.
We discuss how innovation is just as much about timeliness in addressing these business problems and applying the right technology at the right time. Leveraging technology to increase the efficiency of compliance processes can also help to promote business, as it becomes more profitable and manageable from a risk perspective. We also discuss the extent to which compliance can be an area of competition, and the future of KYC utilities under a coherent information sharing framework.