KYT best practices and more - How to plan and set up an efficient AML control framework for payment services

Download the report here : https://www.thepaymentsassociation.eu/kyt-best-practices-and-more-how-plan-and-set-efficient-aml-control-framework-payment-services

The “KYT best practices and more - How to plan and set up an efficient AML control framework for payment services” report by The Payments Association EU (PA EU), written in collaboration with Banking Circle and Deloitte provides a comprehensive strategic analysis of best practices in the fight against financial crime and countering financing of terrorism, with the objective to draw a framework in an effort to reconcile both commercial and regulatory requirements in an efficient manner.

Transactions volume and speed are increasing fast, together with potential risks and regulatory requirements. Understanding your transactions is crucial and can significantly impact your business strategy.

The whitepaper starts by exploring the definition and importance of Know Your Transaction (KYT). It also reviews regulatory expectations from entities like the European Banking Authority (EBA) and discusses, among other topics, current market tools, challenges and benchmarks for transaction filtering and monitoring.

Furthermore, it highlights the importance of data management and the role of AI and ML in enhancing the accuracy and efficiency of detecting suspicious activities. Finally, It concludes by outlining collaborative efforts within the industry and highlights a practical case that illustrate successful implementations of KYT tools.