Boosting Financial Crime Fight: ISO20022 Changes Explained
Enhancing Global Efforts Against Financial Crime
A new set of changes to ISO20022 standards aims to strengthen global efforts against financial crime, according to industry experts. The revised standards aim to improve the sharing of information and data between financial institutions, law enforcement agencies, and other stakeholders in the fight against financial crime.
Improved Information Sharing and Data Exchange
The changes aim to:
- Enhance global cooperation and coordination between countries
- Establish binding recommendations for domestic and cross-border information sharing mechanisms
- Enable financial institutions to share data more effectively with each other and with law enforcement agencies
- Help identify and disrupt criminal networks
Emphasis on Data Privacy Considerations
The revised standards also place a greater emphasis on the importance of data privacy considerations in the fight against financial crime. This includes:
- Careful consideration of the implications of new technologies and data-sharing mechanisms
- Balancing protection of personal data with effective information sharing
Impact on Global Efforts Against Financial Crime
Industry experts believe that the changes will have a significant impact on the effectiveness of global efforts to combat financial crime, including:
- Disrupting criminal networks and preventing illegal activities from occurring in the first place
- Maintaining public trust in the financial system
- Ensuring its stability
Timeline for Implementation
The ISO20022 changes are expected to come into effect in the coming months, with implementation deadlines set for 2025.
Conclusion
The revised ISO20022 standards aim to enhance global efforts against financial crime by improving information sharing and data exchange, while also emphasizing the importance of data privacy considerations. With implementation deadlines set for 2025, industry experts believe that these changes will have a significant impact on the fight against financial crime and maintain public trust in the financial system.