Compliance and regulatory landscapes are changing faster than ever as governing bodies move faster to protect payments against fraud and financial crime globally. Financial criminals, however, are moving just as quickly, adapting their tactics as new efforts rollout to suppress fraud and crime.  It’s a reality that becomes critical when countering the threat from bad actors across the universe of sanctions and sanctioned individuals and organizations.

The increasingly interconnected, digitally accelerated and borderless financial ecosystem exposes organizations to doing business with entities connected to organized crime, terrorism and money laundering. However unwittingly, ignorance about the implications of failing to recognize these entities doesn’t protect you from the potential consequences.

It might sound like a movie plot, but real-life financial crime isn’t entertaining. Protecting the full lifecycle of a payment in a highly digital and regulated world might seem daunting, but it’s an imperative. Failure to avoid doing business with “sanctioned entities” can lead to damaging regulatory enforcements, costly penalties, as well as reputational damage. 

One key is to implement a fraud prevention solution that is SaaS-based, and which provides a real-time, full view across the journey of each payment.  These solutions are easy to use, fast to implement and offer core protection across the lifecycle of your payments. And most importantly, the right solution will reduce false positives and speed-up investigations.

Consider that inefficient fraud prevention can lead to*:

  • High volume of false positives, typically over 95%
  • High volume of duplicate alerts, typically over 30%
  • High volume of recurrent alerts, typically over 70$
  • Large workloads and short timeline for alert processing
  • Delayed or blocked transactions that negatively impact client experience

*Celent, 2021

This is where the next generation of efficient watchlist screening tools enters.  Using machine learning and artificial intelligence, these tools are disrupting traditional approaches to proactively detect and prevent financial crime. And the best solutions make all of that collected data assessable and consumable – for deploying more accurate and immediate countermeasures.

To help you learn more about watchlist screening, and how to defeat payments to sanctioned entities, here are some additional resources to guide your road to compliance:

  • Disrupting Watchlist Screening with Modern Technologieson demand webinar. Join Celent’s Arin Ray, Senior Analyst, Risk and Compliance and Bottomline’s Omri Kletter as they talk about how new technology can help you overcome the current challenges in Watchlist Screening and future proof regulatory compliance in a cost-effective way.
  • The 6th AML Directivewhitepaper. Financial institutions in the European Union are facing compliance with the 6th Anti-Money Laundering Directive (6AMLD). This white paper provides an overview of the new regulations, which affect all regulated businesses in the EU.
  • Bottomline Watchlist Screeningdatasheet. Find out how Bottomline’s watchlist screening solution protects financial intuitions and companies from AML/CFT risks. With hyper-digitized real-time screening of transactions, payment instructions and customer data, you can keep funds and your customers safe from financial criminals.


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Posted by Omri Kletter

Omri Kletter is the Global VP for Fraud & Financial Crime at Bottomline. Previously, Omri led fraud and authentication solutions in the EMEA region for NICE Actimize. He began his career in Israel’s elite technological intelligence army unit, where he served as the Head of the Global Counter-Terrorism section.