Dow Jones Risk & Compliance conducted a survey of Sibos attendees to learn how prepared companies are for the changes and challenges MT202 COV will usher in when it takes effect. Only 22% of industry executives said their companies are fully prepared for the additional workload that will result when MT202 COV takes effect 21 November. When asked how they expect the number of alerts their company receives to change, almost one third (29%) of respondents believe alerts will not increase and 16% don’t know what will happen.
Respondents were most concerned about increased compliance costs caused by MT202 COV but only 14% expect a significant compliance budget increase in the coming year. 31% expect their budget to stay the same and 55% expect some increase. Forty-five per cent expect a heavier compliance workload while 60% are concerned about a decrease in efficiency after MT202 COV takes effect. Sixty-three per cent expect delayed payments.
Respondents also said that they would like to:
- Extend screening to additional information contained in messages (76%).
- Screen names and true alerts against other client databases (73%).
- Screen against more lists than regulation requires (54%).
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