Innovation

BAFT Releases Third White Paper in ISO 20022 Series Focused on Lessons Learned in Sanctions and Compliance

Washington, D.C. – BAFT, the leading global industry association for international transaction banking, has published a new white paper titled “ISO 20022 Migrations: Lessons Learned in Sanctions & Compliance.” This latest publication is part of BAFT’s ongoing efforts to support the financial industry in navigating the complex landscape of global payment modernization and regulatory compliance.

The white paper captures practical insights from early adopters of ISO 20022, specifically focusing on the challenges and strategies related to sanctions screening and financial crime compliance. As financial institutions transition to richer data formats and structured messaging, the paper highlights both the operational and regulatory implications, and provides actionable recommendations for compliance professionals and technology teams.

“ISO 20022 has introduced new dimensions to data quality, transparency, and risk management,” said Deepa Sinha, senior vice president of payments & financial crimes, BAFT. “This white paper addresses a critical area—how the migration impacts sanctions and compliance operations—and offers lessons that can benefit banks still undergoing or preparing for the transition.”

Key themes explored in the white paper include data truncation and translation issues, evolving regulatory expectations, technology enablement, and the need for cross-functional collaboration between compliance, operations, and IT. The white paper is available to BAFT members and the broader industry community on the BAFT website.

Click here to read BAFT’s ISO 20022 Migrations: Best Practices & Guidance. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

Follow Us: @BAFT

BAFT Elects ING’s Nick Smit to Lead Board of Directors

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Nick Smit of ING will serve as the chair of its board of directors for the 2025-2026 association year. Smit is the global lead of financial institutions banks at ING.

Based in New York, Smit heads a team of relationship managers covering U.S., Canada, Latin America and global banks, and their in-house asset managers. His specific areas of sales expertise are financial markets, global transaction banking, sector-based finance, and debt capital markets.

“I really appreciate this vote of confidence by the BAFT community,” said Smit. “BAFT has grown into the leading global forum for not only trade, but payments and cash management, and working capital solutions, too. I am very much looking forward to continuing the good work done in the past as we operate and grow further as an independent organization in the future. I value the thought leadership that BAFT brings and also the wonderful networking opportunities it creates.”

Smit has held several roles throughout his 30-year career with ING including lead positions in New York, Amsterdam, Brussels and Geneva. He has served on the BAFT board since 2022. Additionally, Smit has served on the Board of Friends of the University of Stellenbosch in the USA since 2000. Smit received postgraduate degrees in law and economics from University of Stellenbosch (South Africa), as well as a master’s in economics from Cambridge University.

Also re-elected to serve on the BAFT board as officers were:

  • Vice Chair: Michelle Knowles, ABSA
  • Secretary / Treasurer: Miriam Ratkovicova, Deloitte

Other directors include:

Suresh Subramanian, BNP Paribas

Tod Burwell, BAFT         

Ashutosh Kumar, Mizuho

Julie Patterson, National Bank of Australia

Jean François Mazure, Société Générale

Dean Sposito, Deutsche Bank

Ricardo Velázquez, Banco Mercantile del Norte SA (Banorte)

Andy Arduini, Huntington Bank

Oscar Sanz-Paris, CQUR

Ayaz Kamlani, First Abu Dhabi Bank (FAB)

Derryn Faure, Investec

John Kinyangi, Standard Bank   

Patrick Devilbiss, CGI

Dyanne Carenza, Scotiabank

Paolo Muzzarelli, UBS

Rob Hostler, Citi

Brian Gordon, Commerce Bank

Mike Katergaris, JPMorgan

Maurice Iskandar, Banque Libano Française

Patrik Havander, Visa

Amy Sahm, Fulton Bank

George Lee, Standard Chartered

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

Follow Us: @BAFT

BAFT Announces Future Leaders Program Class of 2025

Launched in 2015, the 2025 Future Leaders class includes 40 individuals from 17 countries representing a variety of disciplines within transaction banking around the globe.

WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced its Future Leaders Program class of 2025. Now in its tenth year, the program recognizes upcoming talent in the global transaction banking industry.

This year’s pool of applicants who were nominated by their respective institutions broke last year’s previous record. The selected class of 2025 includes 40 individuals from 17 countries across the Americas, Europe, Asia, MENA and Africa, representing a variety of disciplines within transaction banking.

The class of 2025 was divided into five project teams tasked with addressing current industry issues, including artificial intelligence threats for trade finance fraud, accelerating cross-border real-time payments across major corridors, BRICS, operating model for corresponding banking, and an update on the almost 300 graduates from the program.

BAFT board and regional council members serve as project sponsors and future leader alumni support the teams as mentors. The class will meet in person at the BAFT Europe Bank to Bank Forum in March and will graduate at the BAFT’s Global Annual Meeting in May. 

“Over the last decade, this program has recognized and facilitated the continued growth of some of the top talent in our industry,” said Tod Burwell, president and CEO, BAFT. “The participants have a unique opportunity to expand their knowledge of industry topics outside the scope of their day-to-day responsibilities and provide insights that collectively lead to innovative approaches.”  

BAFT congratulates the following individuals who were selected to this year’s program:

  • Elif Seray Akin, ING Bank
  • Adel AlZarooni, First Abu Dhabi Bank (FAB)
  • Mafalda Arnaud, Société Générale
  • Viktor Bakkioui, Skandinaviska Enskilda Banken (SEB)
  • Ayush Bhandari, Crown Agents Bank
  • Peyton Boles, First-Citizens Bank
  • Daranee Bolger, NatWest
  • Saad Chemseddine, BNP Paribas
  • Kevin Chu, RBC Capital Markets (Royal Bank of Canada)
  • Maximillian Chua, Standard Chartered Bank
  • James Deneault, TD Securities
  • Olivia Ellis, BNP Paribas
  • Laura Ernst, StoneX
  • Serena Fazzini, UniCredit
  • Harrison Gutman, PNC Bank
  • Gentiana Halimi, Banka Kombetare Tregtare Kosove
  • Jeronimo Hernandez, Bank of America
  • Ajay Joshi, Credit Agricole Corporate & Investment Bank
  • Tina Kim, JPMorgan Chase Bank
  • Srushthi Kshirsagar, ANZ Bank
  • Tapiwa Kuipa, African Export-Import Bank (Afreximbank)
  • Carmen Landeras Cabrero, Santander Corporate & Investment Banking
  • Audrey Lees, HSBC Bank
  • Xiaosu (Charles) Liang, American International Group (AIG)
  • Yuriy Lobanov, Commerzbank
  • Carlos Martínez Illán, Banco Bilbao Vizcaya Argentaria (BBVA)
  • Wan Chung Arick Ng, Bank of America
  • Awuzhaer Nijiati, ING Bank
  • Abigale Ning, Standard Chartered Bank
  • Oskar Nordlander, Skandinaviska Enskilda Banken (SEB)
  • Álvaro Ocampo, Banorte (Banco Mercantil del Norte)
  • Israel Ortigas, Bank of New York
  • Heidi Pun, ANZ Bank
  • Carmen Maria Ramirez Ortiz, Asian Development Bank
  • William Rattray, JPMorgan Chase Bank
  • Renan Reinoso, SMBC
  • Erik Rost, Citi
  • Elena Rozas, Santander Corporate & Investment Banking
  • Christopher Selfe, Barclays
  • Yang Wu, Bank of China

Learn more about BAFTs Future Leader Program here.

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade financepayments, and compliance.

BAFT Media Contact:
Mike Townsend
Senior Director, Public Relations
[email protected]
+1 (202) 663-5471

Follow Us: @BAFT

BAFT Releases New White Paper on Transaction Banking Sustainable Finance Product and Reporting Matrix

WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today released a new white paper, Transaction Banking Sustainable Finance Product and Reporting Matrix. The paper provides guidance on transaction banking sustainable finance products currently being offered to both corporate and financial institution clients.

The reporting matrix is intended to capture, consolidate and display in a simplified, readable format the industry best practice for labeling sustainable finance transaction banking products. Similarly, it highlights the types of reporting necessary for each type of ESG-labeled product.

“The transaction banking industry needs more refined standards tailored to our specific products,” said Andy Price, vice president, international policy, BAFT. “Our hope is that this matrix will serve as a starting point for framework development and ultimately, improve the design of sustainable finance transaction banking products.”

“We believe this resource is the first of its kind, specific to the transaction banking industry, and can be used by transaction banking practitioners and clients looking to further educate themselves on what is currently available in the market, as well as novices looking to learn more about sustainable transaction banking best practices”, said Anna Plewinska-Pijl, director, FI transaction services Europe, ING .

The white paper and reporting matrix were completed with the help of BAFT’s working group on sustainable finance, as well as several industry professionals, including:

  • Nataša Kovač, ING
  • Natasa Pudic, ING
  • Anna Plewinska-Pijl, ING
  • Dorene Martinez, BNP Paribas
  • Kaushik Mukherjee, Wells Fargo
  • Laura Wilson, Investec
  • Maxwell Chesky, MUFG
  • Chithra Badri, CICB
  • Riaan Meyer, Royal Bank of Canada

BAFT intends to update the document as industry developments occur. Click here to read Transaction Banking Sustainable Finance Product and Reporting Matrix, or visit BAFT’s Library of Documents under BAFT Guidance and Industry Practice section at www.BAFT.org.

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

Follow Us: @BAFT

BAFT Releases Second White Paper in ISO 20022 Series Focused on Best Practices and Guidance

The comprehensive report offers practical insights for a seamless transition to the global financial messaging standard

Washington, DC – BAFT, the leading global financial services association for international transaction banking, today announced the release of its second white paper in the ISO 20022 series, “BAFT ISO 20022 Migrations: Best Practices and Guidance.” The report provides critical insights, strategies, and recommendations for financial institutions navigating the migration to the ISO 20022 standard for electronic data interchange between financial institutions.

As the global financial services sector undergoes a major shift toward ISO 20022 adoption, this new white paper builds upon BAFT’s first publication in the series and aims to guide stakeholders through the complexities of the migration process. With the upcoming deadlines and global implementation efforts already underway, the white paper serves as an essential resource for financial institutions, fintechs, and payment service providers at different stages of the transition.

Key highlights from the white paper include:

  • Roadmap for Migration: A step-by-step guide outlining key phases of ISO 20022 migration, from preparation to execution.
  • Best Practices: Practical examples and case studies from industry leaders who have successfully migrated to ISO 20022.
  • Risk Management: Identification of potential risks and mitigation strategies to ensure a seamless transition.
  • Cross-border and Regional Considerations: Tailored advice for managing regional and jurisdictional differences during migration.
  • Technology and Infrastructure: Insights on how to update and future-proof existing infrastructure to comply with the new standard.

“We are committed to supporting the global financial industry as it transitions to the ISO 20022 messaging standard,” said Deepa Sinha, vice president of payments and financial crimes, BAFT. “This white paper offers not just guidance, but actionable strategies that institutions of all sizes can leverage to ensure a smooth migration. It also highlights the importance of collaboration between industry players to drive standardization and interoperability in the global payments ecosystem.”

ISO 20022 has emerged as the global standard for financial messaging due to its enriched data format, improved processing efficiency, and ability to support new products and services. The “BAFT ISO 20022 Migrations: Best Practices and Guidance” white paper focuses on how organizations can unlock these benefits while minimizing disruptions during the migration phase.

Click here to read BAFT’s ISO 20022 Migrations: Best Practices & Guidance. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

Follow Us: @BAFT

BAFT White Paper Analyzes Digital Currencies and Financial Crimes Concerns

Washington, DC – BAFT, the leading international transaction banking association, has released a comprehensive white paper titled “Digital Currencies and Financial Crimes Concerns,” offering a thorough examination of the intersection between digital currencies and the challenges posed by financial crimes. This timely publication explores the evolving landscape of digital currencies and their implications for anti-money laundering (AML) and counter-terrorism financing (CTF) efforts.

As digital currencies continue to gain prominence in the global financial ecosystem, stakeholders are increasingly grappling with the potential risks associated with their use in illicit activities. BAFT’s white paper serves as a vital resource for financial institutions, regulatory bodies, policymakers, and other industry participants seeking to navigate this complex terrain.

“Digital currencies present both opportunities and challenges for the financial industry,” said Deepa Sinha, vice president of payments and financial crimes, BAFT. “While they offer innovative solutions for cross-border transactions and financial inclusion, they also pose significant risks in terms of financial crimes. Our white paper aims to provide a comprehensive analysis of these issues and offer practical recommendations for stakeholders to enhance their AML and CTF efforts in the digital currency space.”

The white paper delves into several key areas:

Overview of Digital Currencies: It includes an examination of digital currencies, as well as central bank digital currencies (CBDCs), including their characteristics, mechanisms, and adoption trends. By understanding the diverse nature of digital currencies, stakeholders can better appreciate their implications for financial crimes.

Risks and Challenges: Recognizing the inherent anonymity, borderless nature, and decentralization of many digital currencies, the paper identifies the risks they pose in facilitating money laundering, terrorist financing, fraud, and other illicit activities. It also highlights the challenges associated with effectively detecting and mitigating these risks within the existing regulatory framework.

Regulatory Landscape: The paper explores the efforts of global regulators to address AML and CTF concerns. It examines various regulatory approaches, including licensing requirements, transaction monitoring, customer due diligence (CDD), and information-sharing mechanisms, and evaluates their effectiveness in combating financial crimes.

Technological Solutions: It includes a discussion of the role of advanced analytics, blockchain analytics tools, artificial intelligence (AI), and machine learning algorithms.

Collaboration and Partnerships: BAFT examines the benefits of a collaborative approach to tackling financial crimes associated with digital currencies and the importance of partnership among financial institutions, regulatory bodies, law enforcement agencies and technology providers.

Future Outlook: The paper offers insights into emerging trends, regulatory developments, and technological advancements for digital currencies and financial crimes.

Click here to read BAFT’s Digital Currencies and Financial Crimes Concerns. The white paper is also available within BAFT’s Library of Documents under the Guidance and Industry Practices section.

About BAFT

BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.

BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

Follow Us: @BAFT