A Guide to Anti-Money Laundering for Crypto Firms

TransferMate reduced alert remediation times by up to 50%

Customer Stories

TransferMate is one of the world’s leading B2B payments infrastructure-as-a-service companies. Based in Ireland, the company enables individuals and businesses to make seamless, cost-effective cross-border payments in more than 201 countries and 141 currencies.

TransferMate aims to have “the best compliance team in the business,” explains Alex Clements, the firm’s Global Head of Financial Investigations and Monitoring. A crucial step toward this goal was identifying an anti-money laundering solution capable of operating 24/7, handling rapidly growing transaction volumes, and working in near real-time to deliver an exceptional customer experience.

Embracing agility in compliance

In its search process, TransferMate looked for a partner that could help its compliance analysts stay ahead of rapidly changing criminal behavior. That required a customizable solution capable of managing multiple risk scenarios as well as accommodating new information from law enforcement and other sources.

TransferMate chose to work ComplyAdvantage due to its global data coverage, comprehensive real-time sanctions updates, and the ease with which analysts could configure its system.

“We chose ComplyAdvantage because we wanted a complete solution. We wanted to strip back our data and understand every data point within our model,” explained Clements. “With ComplyAdvantage, we were able to build a complete rule set, so we could understand the exact risks we’re facing in our business.”

“We’re experts in global payments, not experts in compliance systems. That’s why we left it to ComplyAdvantage.”

– Alex Clements, Global Head of Financial Investigations and Monitoring.

Adopting a “one team, two organizations” approach

From the beginning, it was important for TransferMate to partner with a provider that understood its business and clients. During the implementation process, both teams communicated almost daily. Clements described this as a “one team, two organizations” approach. TransferMate worked with ComplyAdvantage implementation consultants to define its data model and scope out the bespoke rules it wanted to build for transaction risk management. ComplyAdvantage used its industry expertise to help TransferMate achieve its goals, sharing ideas and best practices.

“We weren’t just looking for a vendor. We wanted to choose a partner, somebody that would work with us and would strive for the best quality and customer satisfaction.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

Over time, the continued strong relationship with the firm’s dedicated customer success manager at ComplyAdvantage has been critical. This close partnership has grown over time, ensuring ComplyAdvantage is well-positioned to support TransferMate’s continued growth.

Providing complete control

Less than a year after its implementation with ComplyAdvantage, TransferMate has reduced the time it spends investigating transaction risk alerts by up to 50%. Analysts complete transactions that hit a compliance control in up to 40 minutes.

TransferMate has also experienced a reduction in false-positive alerts, giving analysts more time to focus on the alerts that present a real risk.

Another benefit the payments firm has experienced is in the education space. TransferMate onboards many universities where a family member is often making payments on behalf of the student. The control granted to the compliance team by ComplyAdvantage has enabled TransferMate to provide “comfort” to its customers, explains Clements.

“I’d recommend partnering with ComplyAdvantage. We have complete control over our front end here at TransferMate. The system is straightforward to use, and the data is live. We’re screening in real-time, and that gets us closer to our goal of being the best compliance team in the business.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

TransferMate was shortlisted for Best Compliance Team alongside ComplyAdvantage’s customer success and implementation teams at the International Compliance Awards. Following the nomination, the team looks forward to growing its successful partnership as TransferMate continues to scale.

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Originally published June 30, 2022, updated October 19, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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