Financial institutions like Lemonway must adapt quickly to increasingly stringent regulatory requirements under the Payment Services Directive 2 (PSD2) and the AML/CTF standards in particular.
A Guide to Anti-Money Laundering for Crypto Firms
Speed matters when sending or receiving money. Payment service providers, such as remittance, peer-to-peer and e-wallet services must be able to process transactions while meeting regulation requirements.Request Demo
A key challenge for payment companies:
Process payments quickly to satisfy customers’ rising expectations
Whenever money moves, there is a risk of money laundering. Payment providers must have strong onboarding and transaction screening processes.
Payments service providers must make their customer onboarding as seamless as possible. They need to speed up onboarding time while meeting the requirements regarding fraud and AML regulations.
The velocity and volume at which payments are processed can generate numerous false positives, which are causing significant costs and efficiency drains. Besides, operational processes need to be automated as much as possible to avoid relying on human input.
Payment companies need to ensure no suspicious activity slips through the nets. New expectations for real-time payments and straight-through processing have led to regulatory scrutiny, and payments service providers need to have robust enhanced customer due diligence (CDD) processes in place.
Payments companies have to screen transactions in real-time to spot potential risks. They must ensure their transaction monitoring and transaction screening processes are modernized and can catch fraud or money laundering activities.
We have the answer.
Using artificial intelligence, it is possible to screen customers and transactions in real time. Our solutions enable you to comprehensively identify risk at speed.
Screen your clients in real-time against Sanction lists, Watchlists, PEPs and Adverse Media insights.
Reduce time it takes to onboard by leveraging a customizable matching technology according to your risk appetite.
Use ComplyAdvantage’s intuitive interface to manage alerts, via a powerful case management system.
Optimize workflows with advanced search capabilities and the consolidation of data into single profiles.
Get a clear audit trail of monitoring and investigations with search audit logs to inspire confidence in regulators and banks.
Screen payments faster using internal lists, reference text, and beneficiary (BIC) screening. Our database of sanctions and watchlists is updated every 15 minutes.
Segment payments and risk scenarios according to your own risk-based approach. You can use our own rules library, or build your own rules tailored to your payment ecosystem using our own no-code rules library.
Enable straight-through processing of payments. Our two-way RESTful API issues alerts in real-time when suspicious payments are detected.
Settings within the API are configurable – can change thresholds, search strings, or any other relevant information as required.
See how we have helped payment companies onboard clients and screen payments faster
Azimo was dissatisfied with their global data solutions provider and needed to find a more reliable solution for AML compliance.
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Payment Service Regulations
For payment service providers (PSPs) to connect merchants to the wider financial system, they must comply with relevant jurisdictional payment service regulations.
What is Transaction Laundering?
Transaction laundering utilizes the anonymity of online payment services to avoid the AML safeguards that normally detect money laundering.
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AML is at the heart of the compliance function but financial institutions around the world still struggle with a range of efficiency challenges.
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