There is a dark side to innovation. As the volume of payments increases, so does the potential for financial crime. Regulation and compliance requirements designed to combat crime pose a challenge that may slow down payment processing and customer onboarding, therefore having a negative impact on the customer experience.
Under the Financial Action Task Force Recommendations, the customer due diligence guidelines that sanctions screening should be conducted at the point of customer onboarding and regularly thereafter, regardless of whether transactions are involved.