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FAQ: Compliance

What international blocklists does the RemitONE platform use?

 RemitONE’s Compliance Manager™ has been evaluated by leading regulators and used by top-tier banks and MTOs. Our NameMatch™ application checks remitter names against international AML block-lists including CIA World Leaders, DFAT Canada, DFAT Australia, EU Sanctions, FIU Netherlands, HM Treasury, MAS, SECO, UN 1267, MAS and much more. We link up with a variety of PEPs and Sanctions lists worldwide. You can even add your own custom PEPs and Sanctions lists into our platform. See Compliance Manager™ for more information.

If the AML blocklist check (HM Treasury, OFAC etc.) is done during transaction creation, and the person is flagged (i.e. his/her name is on the list), how does the administrator/agent get notified of it and how do we stop this transaction from going forward to the ACH batch file for further processing?

We can configure what happens when there is a match on the blocklist(s). For example, we can set a business rule in the system which lets the agent decide if it wants to proceed with the transaction. If the agent allows it to proceed, the transaction is created and processed as normal. Or the system can be configured so that any matches on the blocklist checker will put the transaction into a hold status where a compliance officer must check and approve the transaction before it is processed. It is easy to pull up a set of transactions that require compliance approval (for various compliance failure reasons, not necessarily OFAC only). We can also add in an email alert to the system so the administrator and agent are notified. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

Can the AML blocklist checks – such as OFAC, EU Sanctions, HM Treasury, UN 1267, MAS, SECO, DFAT etc. – be performed by RemitONE’s software platform during remitter/beneficiary registration?

The RemitONE software platform performs AML blocklist checks at transaction creation time, which is more secure. However, blocklist checks at remitter/beneficiary creation time can also be added in to the RemitONE platform as it is fully customisable. Arrange a demo with us to see how our platform helps you address your KYC and AML challenges.

If the OFAC check is done during transaction creation, and the person is flagged (i.e. his/her name is on the list), how does the administrator/agent get notified of it and how do we stop this transaction from going forward to the ACH batch file for further processing?

We can configure what happens when there is a match on the OFAC list. For example, we can set a business rule in the system which lets the agent decide if it wants to proceed with the transaction. If the agent allows it to proceed, the transaction is created and processed as normal. Or the system can be configured so that any matches on the OFAC checker will put the transaction into a hold status where a compliance officer must check and approve the transaction before it is processed. It is easy to pull up a set of transactions that require compliance approval (for various compliance failure reasons, not necessarily OFAC only). We can also add in an email alert to the system so the administrator and agent are notified. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

What sort of steps can we take once a person or transaction is flagged?

Firstly, you decide what you want to do with the transaction after it has been flagged (whether to proceed or not). You can also modify the status of the sender to ‘blocked’ so that no further transactions can be made from this sender. If you don’t wish to completely block the sender, you can mark the sender as ‘suspicious’, which means transactions from this sender will be held for extra checking. You can also add notes against the sender for informational purposes. On the beneficiary side, a beneficiary can be blocked so that transactions to that beneficiary are not allowed. 

Arrange a demo with us to see how our platform helps you address your KYC and AML issues. 

Where can I find information on Money laundering regulations?

This information is usually found on your central bank or regulatory body’s website. Following are some helpful links: 

Financial Conduct Authority (FCA) 

Australian Transaction Reports and Analysis Centre (AUSTRAC) 

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) 

Central Bank of Nigeria 

Monetary Authority of Singapore (MAS) 

Financial Crime Enforcement Network (FinCEN) 

What international block-lists does the RemitONE platform use?

RemitONE’s Compliance Manager™ has been evaluated by leading regulators and used by top-tier banks and MTOs. Our NameMatch™ application checks remitter names against international block-lists, including OFAC, HM Treasury, DFAT, CIA World Leaders, UN and EU Sanctions. See Compliance Manager™ for more information.

If we already have a provider of OFAC check service, how can it be integrated with the RemitONE platform?

In this case, we will do API integration with this provider. The provider will need to give us its API through which our platform will call this provider for OFAC checks. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.

Can the OFAC checks be performed during remitter/beneficiary registration?

Currently, the OFAC checks are performed at transaction creation time, which is more secure. However, OFAC checks at remitter/beneficiary creation time can also be added in. Arrange a demo with us to see how our platform helps you address your KYC and AML issues.