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Facing up to Financial Crime

The Payments Association has produced this white paper to explain the nature of payments-related financial crime and to identify actions that should be taken, collectively by industry players or together with regulators and policy makers, in order to reduce the ability of criminals to exploit payments services and systems as part of their illegal activities.

Sponsored by a syndicate of Payments Association members led by Refinitiv and Barclays, the white paper addresses the ways that payments services and accounts are abused in order to carry out fraud and money laundering. From this understanding of the current situation, the white paper sets out proposed policy positions for the Payments Association to advocate for the payments industry and identifies areas for collective action by Payments Association members and the wider industry.