JP MORGAN
Anti-money laundering system integration
- Client
- JP Morgan
- Sector
- Financial Services
- Project
- Anti-money laundering system integration
Project summary
JP Morgan needed to strengthen its processes for identifying payments involving individuals and organisations subject to international financial sanctions. Working alongside the Compliance team, I helped implement a European anti-money laundering system designed to automatically screen SWIFT wire transfer instructions against sanctions data, providing an early-warning mechanism for potentially restricted transactions. The project combined technology integration with the demanding regulatory and operational requirements of a global financial institution.
The challenge
Banks are required to maintain effective controls for preventing money laundering and ensuring compliance with financial sanctions.
For JP Morgan, this meant screening international wire transfers against sanctions information, including data relating to individuals, organisations and countries subject to restrictions administered by authorities such as the US Office of Foreign Assets Control.
The solution needed to integrate into existing payment processes while operating within a highly regulated banking environment.
My role
Working alongside JP Morgan's Compliance team, I assisted with the implementation and integration of the European anti-money laundering software package.
My role involved helping translate the regulatory requirement into a working technology solution, supporting the implementation of automated screening of SWIFT wire transfer instructions and working with the teams involved in introducing the system into the bank's existing processes.
I also oversaw the implementation of a similar custom-built application for JP Morgan's Delaware operation in the United States.
The outcome
The resulting systems gave the business an automated mechanism for identifying transactions involving sanctioned entities before payments were completed, supporting JP Morgan's wider financial crime compliance processes in both Europe and the United States.