Fintech Committee launches Financial Crime Compliance Initiative

We are delighted to announce the launch of the Financial Crime Compliance initiative. The new workstream is being set up as part of ITFA’s Fintech Committee and aims to describe the landscape of technology solutions helping market participants fight financial crime. It also aims to support ITFA’s advocacy efforts regarding the use of advanced technologies such as AI, ML, digital assets, quantum computing, …

The goals of the initiative are:
1.  To create best practice guidelines for trade originators in mitigating financial crime risk in trade and supply chain finance without compromising efficiency, via a risk-based approach promoting new technology
2. To identify areas requiring increased policy engagement with regulators
3. To raise awareness of the available financial crime compliance solutions targeting trade and supply chain finance, and trade-related payments
4. To illustrate how technology solutions interoperate and combine their specialised value propositions to address complex needs (e.g., reducing compliance cost, improving speed to onboard)
5. To create a directory of the technology vendors and consultancies active in this segment
6. To share public user testimonials and grow overall market awareness.

The initiative will be co-chaired by Graham Baldock, Head of Conduct, Financial Crime & Compliance Advisory, Trade at Standard Chartered Bank and Ben Arber, CEO at Complidata – a provider of AI solutions for financial crime compliance and trade finance operations. Multiple banks have indicated a willingness to participate and the following non-bank members have agreed to join the initiative: Eastnets, MonetaGo, Pelican AI, Traydstream, Mercore, Huron Consulting and Cleareye.ai. Additional members are welcome.

André Casterman,Chair Fintech Committee, ITFA explains the rationale for this launch: “Financial crime compliance remains a top priority for lenders of any size. The complexity of the area requires trade originators to keep on developing best practices and to identify the most effective technology options and service providers. In addition, some technologies such as AI and quantum require some form of regulatory advocacy which is an area we, at ITFA, excel at.”

Building on our established MLETR-centric DNI Initiative and the capital markets-focused TFD Initiative, we are now extending our proven approach to drive collaboration amongst fintechs involved in helping banks fight financial crime. Here too, trade originators and their clients will be the ultimate beneficiaries of such an effort and are invited to contribute to the new initiative. Several work streams will be defined by the co-chairs and will offer opportunities for ITFA members to engage, lead and contribute to our deliverables.

Please us know your interest in participating by writing to info@itfa.org.