Sanctions Compliance Challenges Created by Faster Payments
In this episode of the Payments Perspective Podcast , Connie LaChance speaks with Jamie Florio, Director of Strategic Accounts at Fincom, about the growing sanctions compliance challenges created by faster, increasingly interconnected payment systems. Jamie explores how instant payments, potential same-day ACH IATs, wires, and other payment channels are changing the way financial institutions approach OFAC and sanctions screening. As transactions move between systems and message formats, important paymentinformation can be altered, omitted, or obscured, making contextual screening and consistent controls across payment channels increasingly important. The conversation also examines the challenge of screeningpayments in real time without overwhelming compliance teams with false positives. Jamie discusses the limitations of traditional name-matching approaches, the opportunities and potential concerns surrounding AI, and how sanctions screening can complement fraud controls and payee verification. Most importantly, he offers a practical approach for financial institutions navigating faster payments. For more information about Fincom: Visit the Fincom website Interested in becoming a WesPay member? Learn more about WesPay membership
