PXP mitigates sanctions risks with real-time customer and payment screening

PXP is a tech platform that makes commerce simpler, better, and more connected. With just one connection to PXP, merchants can unlock a world of commerce across online, mobile, and point-of-sale channels. Powered by a suite of financial services, multiple acquiring connections – including an in-house acquiring license – and diverse alternative payment methods, PXP processes over €30 billion annually through its unified gateway.

Given the volume of transactions it screens and new real-time payments regulations, PXP needed a customer and payment screening solution that could keep up with daily sanctions and watchlist updates. This was critical in maintaining compliance and the integrity and speed of their payment processes. 

Compliance builds the foundation of trust, and in the realm of financial services, particularly with instant/real-time cross-border payments and eCommerce, trust is paramount.

Roman Gutchenko, Compliance Manager & MLRO at PXP

Prioritizing precision, efficiency, and global expertise

During the vendor selection process, PXP prioritized suppliers known for their solid reputation, quality customer support, flexible solutions, and global presence. The company chose ComplyAdvantage because it excelled in these areas compared to competitors.

PXP was particularly drawn to ComplyAdvantage because its solutions use fuzzy logic to identify potential risks, reduce false positives, and correctly identify true positives. Additionally, ComplyAdvantage’s fast API response times were key in PXP’s choice, allowing them to keep operations smooth and dependable even when sanctions lists change very quickly. 

Increasing operational efficiency

By implementing ComplyAdvantage’s solutions, PXP was able to add an extra layer of due diligence to its compliance workflow, which was crucial for maintaining the integrity of its operations without slowing down the payment processes. This allowed for a smoother verification process, streamlining operations and making it significantly easier for PXP to manage its business model and operational processes more effectively.

Additionally, incorporating adverse media screening into the compliance process has provided PXP with deeper insights for know your customer (KYC) activities, helping its compliance team make informed decisions and maintain the integrity of its operations.

Adverse media is a great source of relevant insights for KYC or partner due diligence. It adds much more value than Google search results.

Roman Gutchenko, Compliance Manager & MLRO at PXP 

Navigating international sanctions regimes

To ensure sanctions compliance, PXP uses ComplyAdvantage’s solutions to screen payments across multiple global sanction lists in real-time, including the UK HM Treasury’s consolidated list, the Office of Financial Sanctions Implementation (OFSI) asset freeze targets list, and the Office of Foreign Assets Control’s (OFAC) specially designated nationals list. 

Given our connections with entities outside the European Economic Area (EEA), it’s critical for us to comply with international sanctions regimes. To address this, we determine which watchlists impact us and leverage ComplyAdvantage to ensure our compliance with the relevant regimes.

Roman Gutchenko, Compliance Manager & MLRO at PXP

In addition to screening payments, PXP uses ComplyAdvantage to thoroughly vet the merchant entities involved in these transactions. This vetting process includes a detailed examination of the entities’ directors, shareholders, ultimate beneficial owners (UBOs), and authorized signatories to identify potential risks of money laundering, terrorist financing, or other illicit financial activities.

As a result, PXP’s Compliance Manager & MLRO Roman Gutchenko “absolutely recommends” ComplyAdvantage to similar firms looking to increase the effectiveness and efficiency of their compliance programs.

To other companies considering using ComplyAdvantage’s solutions, I’d say this: If you are in doubt and still looking, you can stop here. This solution is a golden standard in the industry.

Roman Gutchenko, Compliance Manager & MLRO at PXP