JFC_Balani,ENGWhatfasterpaymentsmeansforanti-moneylaunderingcomplianceHenryBalaniReceived(inrevisedform)26thJune,2023Accuity,1007ChurchStreet,Evanston,IL60201,USATel:+18479338160;E-mail:Henry.Balani@accuityJournalofFinancialComplianceVol.1,No.32023,pp.245–254©HenryStewartPublications,2398-8053HenryBalaniisGlobalHeadofStrategicAffairsforAccuity,responsiblefordrivingthoughtleadership.InhispriorroleasHeadofInnovation,hehelpedpioneernewanti-moneylaundering(AML)sanctionscreeningsolutionsrelatedtotradecompliance.AsManagingDirector,DrBalanimanagedAccuity’sComplianceGroupthatincludesproductmanagementandprofessionalservices.Accuityisaglobalproviderofpaymentsandcompliancesolutionsinthefinancialservicesandcorporatesectors.PriortojoiningAccuity,DrBalanimanagedconsultingpracticeswithsomeofthelargestprofessionalservicesorganisationsintheworld,includingAccentureandIBM.DrBalani’spreviousrolewasatPegasystemsastheirConsultingDirectorintheirfinancialservicespractice.AtIBM,hewasDirectorofClientServicesintheSoftwareGroup,wherehesuccessfullymanagedLotus’deliverycapabilityinwebapplicationdevelopment.HewasalsoConsultingManageratAndersenConsulting,nowAccenture.DrBalanireceivedhisdoctorateofbusinessadministrationfromtheUniversityofWisconsin,conductingresearchontheimpactofregulationsonbankingvaluationsandrisk.HealsoholdsanMBAfromNorthernIllinoisUniversityandBSineconomics,internationaltradeanddevelopmentfromtheLondonSchoolofEconomics.Heteachesgraduate-levelclassesininternationaleconomicsandglobalbusiness.DrBalaniisfrequentlyquotedinmajorfinancialpublicationsincludingtheWallStreetJournalandBloomberg.Heregularlyspeaksatvariousconferencesontopicsrelatedtocomplianceandpaymentsefficiency,andwasrecentlyinvitedtospeakattheUNFinancingforDevelopmentForumoncorrespondentbankingtrends.AbstractTheglobalphenomenonoffasterpaymentsishavinganimpactonoperationalissuesrelatedtoanti-moneylaundering(AML)compliance.Fasterpaymentsarearesponsetotheneedtomodernisecurrentpaymentsettlementnetworksasaresultofmark...
