Foremost money transfer software systems provider RemitONE and leading identity verification provider 192business have joined forces to provide international money transfer companies and banks with safe and secure money transfer technology platforms that will also verify customers’ identities for full know your customer (KYC) checks.

The HM Revenue and Customs are the supervisory authority for Money Service Businesses and ensure that the Money Laundering Regulations 2007 are upheld. The HMRC have developed their own guidance to these regulations which mentions in detail the legislation that money transfer, cheque encashment or Bureaux de Change businesses need to adhere to. When the transfer of funds exceeds 1,000 euros, customer due diligence measures need to be applied.

“The $350 billion money transfer industry is rapidly evolving and we wanted to provide our customers with very advanced fraud prevention and money laundering checks integrated into our money transfer technology platforms. 192business are big players in the KYC market with a large number of international databases which will significantly enhance our KYC offering to clients”, comments Aamer Abedi, Director of Marketing at RemitONE.

Michelle Dixon, Marketing Manager at 192business states,

“The surge in money transfer is great for the industry but we know that our customers are keen to ensure they are protecting their business both from fraud and also adhering to the relevant sections of the Money Laundering Regulations. We are excited to be working with a highly experienced money transfer technology solutions provider like RemitONE whose clients can now make use of 192business’ advanced KYC tools through the RemitONE systems.”